As the world continues to modernize and technology continues to advance to even greater heights, one thing becomes abundantly clear: the world as we know it is entirely dependent on electrical energy.
Whether it’s from fossil fuels, natural gas, or renewable sources, the world has to have electrical energy in order to sustain itself in the way that it does today. However, as nonrenewable sources continue to be depleted, more and more consumers are turning to renewable alternatives like solar panels to save resources and conserve money.
The question though, of “do solar panels save money?” isn’t as straightforward as it may seem. Yes, while the burden on your electrical bill decreases, the fact of the matter is that installing a solar energy system in your house is no small expense. On top of that, you’ll also have to maintain the system, which could mean replacing solar panels as they burn out and fixing other issues that come up.
In this article, we’ll take a quick look at how solar panels save you money in 2020.
Understand Current Costs
To understand how much money you can save with solar panels, it’s important for you to understand how money you’re spending on electricity right now. Sources reveal that the average American household consumes almost 11,000 kiloWatt hours over the course of a year. Given that the average rate for electricity in the country is $0.13 per kiloWatt hour, that yields an annual cost of about $1,430.
Now let’s take a look at how much you can save.
Let’s say that you’re able to install a 6-kiloWatt system in your household for approximately $12,000. This is a fairly reasonable estimate if you go with a trusted provider like https://PoweredPortableSolar.com.
This should be able to meet your energy needs over the course of the year. If you have been spending $1,430 on your electricity needs per year, then it will take you just over eight years in order to break even on your solar investment.
But for every year after that, you’re saving over a grand a year on electricity!
Other Ways Solar Panels Save Money
However, also consider the fact that installing a solar system does two things. First, it makes you eligible for federal and state tax credits. This could reduce the overall cost of your installation.
Next, it also significantly improves the value of your home. Most home buyers would jump at a chance to purchase a house that will never require an electricity bill to be paid. Thus, your home’s market value will certainly increase.
Do Solar Panels Save Money?
The answer to the question of “do solar panels save money” is certainly a resounding yes. Although it may take you a few years to realize the gains, given the facts that you can save on your electricity bill, reap the benefits of a tax credit, and increase the value of your home, there’s no doubt that that solar energy will be a profitable venture for you.
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