Solar power seems to be increasingly becoming popular, with many companies switching over to solar panels to produce electricity. If you’re looking to get solar panels set up for your business, you may want to know exactly how much it’ll save you in the long run.
But how can you figure out these solar panel savings for yourself?
To learn more about exploring average solar panel savings for yourself, simply keep reading.
Size of the System
The size of a solar system is determined by how much electricity is needed to meet the needs of the home or business owner. A typical solar system will generate about 5 kWh per day, which is enough to cover most of the electricity needs of an average household. Larger homes or businesses may need a larger system, while those that use less electricity may get away with a smaller one.
Savings You Can Expect
The average U.S. household spends about $2,000 per year on energy costs. A solar system can reduce this amount by 50% to 70%, for a total savings of $1,000 to $1,400 per year. Solar energy also increases the value of your home. A recent study by the National Renewable Energy Laboratory found that homes with solar systems sell for 17% more than homes without solar systems.
Additionally, many states offer tax credits and other financial incentives for homeowners who install solar panels, which can further reduce the cost of going solar.
Geography Impact
Solar savings vary greatly due to the unique geography of each state. The Pacific Northwest, for example, has a lot of cloudy days and receives less sunlight than states in the southeast. As a result, homeowners in Oregon and Washington save much less on their energy bills from solar panels than those in Alabama and Florida.
However, there are some states with average solar savings that are surprising. For example, despite its high electricity prices, New York ranks fifteenth in the nation for average solar savings. This is likely due to the state’s aggressive policies to promote renewable energy.
On the other hand, states with more sunshine tend to see larger savings with solar panels because they can produce more electricity. For example, Arizona, Nevada, and California all have average solar savings of $1,000 per year.
Net Metering
When you install solar panels on your home through a reputable company like opal.energy, you may be able to take advantage of net metering. Net metering allows you to sell the excess energy your solar panels produce back to your utility company.
This can save you money on your monthly electric bill. In some states, you may even be able to receive a credit for the energy your solar panels generate during times when you don’t need it.
Solar Panel Savings Will Help You in the Long Run
On average, households can save $20,000 through solar panel savings over the lifetime of the system. With the current state of technology, there has never been a better time to invest in solar panels. Not only will you be helping the environment, but you will also be saving money in the long run.
If you are interested in learning more about renewable energy and its benefits, please visit other sections of our blog today!
