Estimated Savings of Installing Solar

With electricity costs rising every day, many people are turning to solar energy for cost savings. Learn about the estimated savings for installing solar below.

High energy costs and environmental concerns have increasingly made homeowners consider using more affordable and environmentally friendly options. Electricity remains the most common source of energy for many houses. But as the electricity bills increase and concerns regarding the carbon footprint grow, many homeowners are shifting to solar power.

If you want to reduce your monthly electricity bills, installing solar panels as an alternative clean energy source is a viable option. Solar energy is eco-friendly, meaning your carbon footprint will be lower. Moreover, you can realize significant savings in terms of power and cost.

It is essential to begin by knowing the average cost of electricity to understand how much savings homeowners can realize by adopting solar energy. In the U.S., the average homeowner has an estimated monthly electricity bill of $125. If you consider the annual fee, this will be about $1,500.

Estimated Savings of Installing Solar

If you installed solar panels instead of electricity in your home, you would avoid costs or otherwise realize savings. There is no universal figure of solar savings that every homeowner will get. The cost savings differ for various reasons, including power usage and location. Nevertheless, there are ways to find reasonable estimates.

Studies have provided different estimates that homeowners would realize savings by installing solar. According to some studies, the savings range from $44 to $187 per month in energy bills. Using these estimates, homeowners can save between $528 and $2,244 annually.

In a decade of usage, homeowners can save between $5280 and $22,440 by installing solar. Taken even on a longer term, say 20 years, the savings could reach up to $44,880. These may appear just like simple figures, but when taken vis-a-vis current electricity costs, then the reality of the savings becomes more realistic.

Electricity vis-a-vis Solar

As noted above, the average homeowner pays about $1500 in electricity bills annually. In 10 years, this bill will accumulate to $15,000 and hit $30,000 in 20 years. From our solar savings estimates above, installing solar could eliminate all the electricity bills for the average homeowner.

In a year, instead of paying $1500 for electricity, the average homeowner may only pay a small part of this amount or nothing at all. As time goes by, the cost of electricity will be no more. Therefore, installing solar could eliminate all costs associated with energy use at home.

Carbon Footprint Reductions

Apart from the direct financial cost savings, installing solar could result in the elimination of carbon generation. After using solar for about three years, the homeowner will have offset the carbon produced while manufacturing the solar panels. From then on, the homeowner attains a carbon-neutral footprint for the rest of the life of the solar panels.

A Final Word

The average saving from installing solar is enormous and could eventually eliminate all energy costs for the homeowner. It would also result in a carbon-neutral status that significantly saves the cost of managing the environmental effects of using electricity. Nevertheless, homeowners should work with experts to realize the benefits of switching to solar energy.

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