Many people around the world are having solar panels installed in their homes. For many, the core reason behind this choice the positive effects on the environment. However, there is also a financial benefit of having these panels installed.
There are already two million homes in the US that have solar panels installed, and many more currently weighing up the benefits of making the switch.
Well, if you are one of these, then keep reading, as we ask the question, how much can you save with solar panels.
A Double Sided Saving
When you opt for a solar panel investment you are actually working to cust your electricity bill from two different perspectives at the same time.
Solar panels work by allowing you to create your own energy using the power of the sun. This energy is used through your house thus reducing the amount of non-solar energy you are required to use.
The secondary reason why a solar panel investment is a good idea is because the energy that you generate but do not use can be fed back into the grid (a process known as net metering) in exchange for credits that are then applied to your bill the following month.
How Much Do You Save With Solar Panels?
The simple answer is that during the course of their lifespan you can expect to save upwards of $30,000 in terms of energy bills. That’s not a small sum and would equate to around 95 percent of the monthly energy bill being covered by renewable solar energy.
Obviously, the exact cost saving will vary from home to home depending on the size of the household, in which state the property is located and the number of panels installed. Luckily, there are some good solar cost calculators out there that can help you get a better idea of your savings.
Is Going Solar Worth It?
The real thing to consider when asking how much can you save with solar panels, you need to consider the time period in which you want to judge your cost savings.
This is because installing solar panels is not free. There is, of course, a cost associated with the acquisition and installation of the panels. This needs to be considered when you ask yourself, is going solar worth it?
If your monthly bill for your solar panels is higher than your normal energy bill, then you will not see savings as readily as if it was the other way around.
However, regardless of your normal monthly bill, the longer you have the solar panels installed, and the more of the initial start-up cost you repay, the greater the savings are you can expect to see.
The simple answer is that solar panels are a worthy investment, the world over, and that is Why More Australians Are Turning To Solar Power as well.
Ask More Than How Much Can You Save With Solar Panels
At the end of the day, whether they are short term or long term savings, solar panels are a sensible financial investment. Yes, cost savings are a good reason for making any long term change in your life, however, when it comes to solar panel investment it is not just about asking how much can you save with solar panels.
Turning solar is about reducing your carbon footprint and doing your part to save the planet. The cost savings in this instance are a secondary benefit.
For more information on doing your part to help the environment and all things green, check out some of our other posts today.