Can Installing Solar Modules Really Save You Money?
The very short and simple answer to this question is that switching to solar modules can truly save you money. However, if you are looking for an exact amount of solar savings you should experience, the answer gets a little more complicated as so many factors play a part in the calculation.
Pull out your current electric bill or look it up online for a better range of data. Take a look at how many kilowatt-hours you use each month and multiply that by the rate of each kWh. You can find a table for state averages here.
For many people, solar modules can completely replace the need for regular electricity. There are others that have at least 94 percent of their electricity needs met by solar systems. To get a safe estimate, multiply the total of your bill (the kWh you use multiplied by the rate) by 94 percent.
The answer is the minimum amount you should save every single month. You can multiply that number by 12 for a full year’s savings. For a full view, you can further multiply that number by 20 as solar systems tend to last about 20 years.
To simplify, let’s say that your power bill is $100 each month and that your new solar system will cover 94 percent of your electricity needs. This means that you should be saving $94 each month or $1128 each year.
Over the 20-year life expectancy of your solar system, you should save a total of $22,560. By subtracting the total cost of your new solar modules from your 20-year savings, you can determine just how much solar savings you will experience. There are often also energy tax credits that you can benefit from, helping you to recoup some of the costs of installation.
As you can see, the total you save depends on the current amount you spend on electricity and the cost of your new solar system, which is determined by the type of system and size of the system you need. Overall, installing solar modules typically saves people a large sum of money and provides an avenue to use cleaner energy that is safer for the environment.