How Much Do Solar Panels Save? | Blog | 123SolarPower

How Much Do Solar Panels Save?

Home solar users can save on utilites each month with solar power systems.

Using alternative energy sources to save fossil fuels is a great reason to invest in solar panels, but let’s face it, saving money is also an important part! So how much do solar panels save exactly? Well, the short answer is that it depends mostly on geography. You can quickly estimate your savings with the 123SolarPower savings calculator, but let’s break it all down so you can fully understand what goes into this sustainable energy solution.

What are the advantages of solar?

The sun is an inexhaustible clean resource, available at our fingertips. With the continual development of green technologies and the increasing affordability of solar power installation, it’s become easier than ever for homeowners and businesses to take advantage of solar. Another great thing about solar energy is the fact that it can be made available almost anywhere there’s sunlight. It’s true that cloudy areas won’t put out as much power as sunnier places like California, but solar panels can use indirect sunlight to generate power. Some areas even allow for a policy called net metering, which allows energy generated by your panels during sunny hours to offset energy that you use at times when the system isn't operating at full capacity. When it comes to solar panel return on investment, studies have shown that home buyers are willing to pay a premium of $15,000 more for a home with the average-size solar photovoltaic system, compared with a similar home without one. Meaning that in addition to saving on your electricity bill every month, you can actually make money on your solar investment whenever you choose to sell your property.

Is solar worth it?

Now, when it comes to how much your particular household can save each month and year depends on a few factors such as how much sun exposure available, the cost of electricity in your area, and financial incentives and rebates that you may be able to take advantage from. A number of states offer large cash-back rebates for installing solar on your home or business, immediately saving you money on startup costs of the solar system. Some of the states with the largest solar incentives include California, New Jersey, Connecticut, Arizona, Hawaii, South Carolina, Maryland, and Massachusetts, to name a few. These basic factors can help calculate exactly how much you’ll save each month on your electricity bill, or you can use our savings calculator to get a specific number as well. More recent good news on the solar power front include a report by the Lawrence Berkeley National Laboratory noting that cost of building solar projects fell more than 50 percent between 2009 and 2014, as well as the improvement on the amount of power they put out. And remember that net metering policy we talked about early? This also allows users to feed energy they generated but did not use back to their electrical grid to use for credit on their electricity bill. Your solar panel return on investment depends on certain factors, but the potential to save money while creating an energy efficient, clean home is very real.

You can always receive quotes on solar power from qualified solar contractors in your area by filling out our quick form below! What are you biggest questions when it comes to home solar? Leave us comments below and we’d love to answer them!

Resources: http://www.nytimes.com/2015/02/22/realestate/solar-panels-and-home-values.html?_r=1