Environmental improvement is not the only good reason why you should procure your solar panels, you can make a lot of incredible and mouth-watering savings over the lifetime from your solar panel system.
The advent of diverse available investment opportunities in this present time has raised a lot of skepticism for new promising products that can help consumers save a lot of money. Solar panels are also a very good way of saving. They help to reduce your electricity bill and serve as a means of upgrade for your house. So, if you’re asking if solar panels really help make good savings, the simple and straight answer is YES. And then, how much you will be able to save is dependent upon a lot of factors.
Some of these important factors are the size and angle of your roof and direct hours of daily sunlight. In addition, the local electricity rates are also key determining on how much you can save from solar.
To understand how much solar can help you save, you need to first make a calculation of how much you are currently spending on electricity each year.
For example, 10,400 kilowatt-hours (kWh) is the medium electricity use that is needed for a U.S. household. As of October 2018, the national average electricity rate is $0.1287 per kWh. If you multiply the two together, you will realize that an average American family spends at least $1,335 a year just on electricity.
After that, you have to put into consideration the changeable character of electricity prices and ascertain what utility rates will be in the coming years. When you are making a comparison between the cost of utility electricity with home solar, bear it in mind that the electricity rates are likely to increase annually. In few years before, there has been an increased rate of national electricity costs at approximately 2.2% per year.
When you use solar, you don’t need to be bothered about utility rate inflation, this is one of its credible advantages. There are no variable utility rates if you generate your own energy with a rooftop PV system. Your energy costs stay at a constant rate.
Because of solar’s nature as an upfront investment, costs related with a solar system are installation cost and any additional electricity costs in the cases where your panels do not offset completely 100% of your electricity use.
What primarily determines if your system will completely offset your electricity needs is the size accuracy of your PV system. To secure that percentage, you can make a calculation of how many solar panels will be requisite for that.
People often think that when they install solar panels, it will completely wave off electric bill. No, it doesn’t work like that. You would still receive bill from your utility if you install enough solar to completely offset your electricity use so far your property remains grid-connected. Nevertheless, this doesn’t imply that you will forever be paying money on your bill, continue reading and see why.
There’s a policy called net metering. This policy is available almost in all states and it allows the unused energy produced by your solar panels to be forwarded to the grid as an exchange for your electric bill credits. This permits you to draw from the grid at night when you aren’t powering your solar panels because the sun is not shining. If you draw back the same amount you provided to the grid or less amount, you do not pay any extra money.
Whenever you’re given your monthly electric bill, there will be an indication on the net metering credits you used and there would be no charges for that power.
Where you might see small charges for electricity is where you might have used electricity pulled from the grid that wasn’t offset by net metering credits.
To summarize it all, installing solar panels doesn’t stop you from receiving electric bill. It is possible that the bill you receive might ask you to pay nothing but only indicate how your usage was offset by net metering credits for the month.
If you supply more electricity to the grid than you draw, there would be a roll over of your unused bill credits to the following month that you can take advantage of.
Above all, the bone of contention is that solar panels will help to drastically reduce your average monthly electric bill charges, and in some cases, there might be a total elimination of your monthly electric bill.
Money isn’t the only considerably factor for going solar, environmental improvement is also one of the vital reasons.
By installing solar, you’re consequentially making an improvement in the environment and a reduction in emissions of greenhouse gas.
There are two ways to answer the question “What amount of carbon footprint can solar panels reduce?” These are – the amount of money you can save from solar and how much CO2 you can save from being ejected into the atmosphere. There is a formula that is given by the Environmental Protection Agency to make a calculation of how diverse green practices result in reductions of carbon emissions. You may try that out.
Either you want to make great savings or you want to reduce carbon emissions, a solar panel system will definitely yield huge savings for homeowners. However, one factor that determines how much you save is the cost of electricity at your place of residence.
All the same, solar will be a risk-free investment with major returns if you reside in a state with middle to upper-level utility rates.
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