Solar panels are an excellent investment for residential homeowners in the United States, chiefly because of the potential savings. By investing in solar energy, homeowners stand to save many tens of thousands of dollars on their home’s energy bills.
Solar panels have become mainstream in recent years, thanks in part due to the ever-falling costs. In the past 10 years, the cost of switching to solar has declined by 50%.
But how much do you save with solar panels? In this blog post, we will answer that question. We will also look at the other benefits of installing solar panels, which can have an impact on a household’s finances.
How Much Do You Save With Solar Panels?
There are a number of factors to consider when determining solar panel savings. These include:
- The number of solar panels you install
- The location of your property
- The location of your solar panels
- The type of solar panel system you install
- Your home’s energy usage
To give you an example, let’s look at the average solar savings in Adair County, Kentucky. Over the course of 25 years, homeowners who install a 5.4 kW system and have an existing utility bill of $179 stand to save between $45,000 and $55,000.
With this example, the upfront cost would be around $11,000 and there would be a payback period of between 5.7 and 7 years. It should be noted that solar panels, with proper care, can last for upwards of 40 to 50 years. That translates to even more savings for homeowners.
If you are interested in making the switch to solar panels in Kentucky, then check out this local solar company for more information.
What Are the Other Benefits of Solar Energy?
There are 2 other financial benefits of solar energy that we wish to highlight. The first is that solar panels and electric cars pair excellently together. Charging your electric car with solar energy at home is more cost-efficient than using grid electricity or a public charging station.
The second is that solar panels add value to a property, meaning homeowners can sell their properties for more if solar panels have been installed. There is research to show that solar panels add around 4% to property values. This is something worth keeping in mind if you have plans to sell your property one day.
Saving With Home Solar Panels
The bottom line is that homeowners stand to save thousands of dollars on their energy bills by installing a solar panel system. There are a number of factors that will determine the exact saving potential, though in every case solar panels are highly recommended for homeowners. We recommend that you speak to a reputable solar panel installer for more information about switching to solar panels.
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