Switching to renewable solar energy is not only progressive & socially conscious but provides significant cost savings on your energy bill.
Switching to solar to save money by reducing your electricity bill and cutting down the energy you use is no accident. Solar panels give you the ability to drastically cut costs by creating a natural source of energy to power your home, appliances, and car while saving you a ton of money (and the environment) in the process.
As a homeowner, there are numerous benefits to experience when you harness a clean, alternative solar energy source from helping the environment to federal tax credits. Still, one of the most relevant and immediate benefits to enjoy is reducing your monthly electricity bill.
While utility prices continue to rise and the need for green energy production becomes dire, generating electricity from readily available sunlight is a no-brainer—especially as solar panel production prices continue to evolve to be more affordable and accessible.
How Much Do Solar Panels Cost?
The average solar system size cost for installation, panels, and setup starts at around $20,000. As you can probably guess, solar installation costs depend on various factors such as:
- The size and angle of your roof
- Your typical energy usage
- Number of direct hours of sunlight daily
- Your local electricity rates
The federal solar tax credit’s added incentive takes off 26% of the cost off the bat. So the out-of-pocket price for an average solar panel system drops significantly to start. This cost has continued to decrease as solar panel technology becomes more streamlined and affordable to produce.
How Much Do Solar Panels Save?
So, solar panels clearly save money, but the remaining question is how much do they save on your monthly electric bill?
The easiest way to figure out how much the average homeowner can save is by looking at the monthly energy bill. Most average households spend around $1,500 annually on electricity costs from non-renewable sources.
If you’re interested in understanding how much money solar panels save on your electric bills, you first need to figure out how much you’re spending on electricity every year. For example, the average annual electricity usage in a U.S. household is 11,000 kilowatt-hours (kWh).
Multiply your home’s usage by the national average electricity rate ($0.1301) to get how much you’re spending on electricity annually. The typical American household spends around $1,430 a year on energy.
Remember that utility rates increase annually—right now at a rate of around 2.2% per year. Generating your own electricity with solar panels costs the same every year.
The savings continue: many states, local governments, and utilities will offer you rebates and other tax incentives for installing the solar panel system. EMT Solar & Roofing can help you find all the local state taxes and incentives available in your area.
How You Save From Day One With Solar!
If your average monthly electricity bill is high and you’re living in an area with high energy rates, then installing solar panels in your home while the 26% tax break is in place is worthwhile. It is not only excellent for your wallet but also good for the environment and more:
- Utility companies are only increasing prices
- Provides fixed, consistent payments even when electricity costs spike
- The cost of installing solar panels has decreased over time
- Installing solar panels includes state and federal incentives
- Solar panels are long-lasting and require little maintenance
Simply put, a solar panel installation on your property enacts a multitude of lifestyle and eco-friendly benefits. But the most relatable benefit homeowners can agree on is the direct and immediate electricity bill savings as you produce your own clean, affordable and renewable energy each month with a fixed price from day one!
Solar panels not only offer short and long-term savings but a fast return on your investment in no time. Since traditional energy prices aren’t dropping, investing in solar energy is the smart move to help your household save money while shrinking your carbon footprint, investing in your home, and lowering utility bills.
Get a Free Solar Installation Quote
If you’re ready for a free quote or an in-person or virtual site quote, schedule a complimentary consultation with the experts at EMT Solar & Roofing today!