Solar Power: The Financial Benefits of Going Solar
With the growing need for cleaner energy sources, solar power has become an increasingly popular choice among homeowners and businesses alike. Not only is it sustainable, but it also provides significant financial savings in the long run. So, how exactly does solar energy help you save money?
How Solar Saves You Money
Solar panel systems can help you save a significant amount of money on electricity bills. While your monthly bill may not seem like much, those costs can quickly add up over time. In fact, if you’re currently paying $120 per month for electricity, you could end up spending over $72,000 on energy over the next 50 years.
By installing a solar panel system, you can significantly reduce or even eliminate your monthly electricity bill, making it a wise financial investment in the long run.
Factors That Influence How Much You Can Save with Solar
The amount you can save with solar depends on three crucial elements: your current electricity costs, the cost of your solar system, and the payment method you chose for your solar system.
Factor 1: How Much Do You Spend on Electricity?
Your potential savings from switching to solar energy depend on your current electricity costs. If you reside in a region with expensive electricity rates, you can expect to save more by transitioning to solar power.
Factor 2: What's the Cost of Your Solar System?
Incentive programs at the federal, state, and local levels can help reduce the overall cost of solar. These programs, such as the Investment Tax Credit and solar renewable energy credit (SREC) programs, provide rebates and incentives that can significantly reduce the amount you pay for solar. To ensure that you get a solar system at a reasonable cost, it’s best to compare quotes from different providers.
Factor 3: How Are You Paying For Your Solar System?
There are different payment options for your solar system. Paying upfront typically results in more significant savings compared to paying through a loan or lease/PPA. To know which financing option is best for you, try our solar loan calculator.
Solar as an Investment
It’s worth starting to think about installing solar as an investment. People who switch to solar energy see tens of thousands of dollars in savings over the 25+ year lifespan of solar panel systems. Many solar panel systems pay for themselves in eight years or less, while home and business owners who install solar see a return on their investment in the double digits. There are very few investments that offer such returns.
When it comes to solar, it’s more than just a way to power your home. You can save thousands of dollars over the 25+ year lifespan of a solar panel system. In many cases, solar systems can pay for themselves in just eight years, and owners often see a return on investment in the double digits—a rare opportunity in today’s market.
So, if you’re considering solar, remember that it’s not just a practical choice but a smart investment as well.
Sun Services USA, a reputable solar power provider, can help you explore your options for making the transition to solar. To get started, request a free quote here and receive it within 1 business day.