Electricity prices are rising. The condition of our environment is getting declined day by day. No wonder more and more people realize the time for solar panels is now. But how profitable are these devices? And what an average monthly electric bill with solar panels might be? Read on to find out.
What determines the potential benefit
Before digging into details, it’s crucial to understand what can influence your energy production and electric bills. To assess how advantageous it will be for you to install solar panels, analyze the following factors.
- Solar system productivity – different devices produce different amounts of energy.
- The location of your home and the climate – the amount of energy produced directly depends on the number of sunny days, the openness of the terrain and the features of your roof.
- Proper installation – avoiding potential shading from any objects when installing your solar panels is crucial.
- Your electricity rate – the higher the price in your state, the more profitable it is to switch to another source of electricity.
- Amount of electricity consumed – Consumers with an optimized approach to electricity consumption receive the most benefits.
- The duration of solar panels also matters. Most people can fully estimate the benefit of this equipment in a few years.
There will, however, be a substantial outlay of cash at the outset because solar panels are not a cheap pleasure. However, they are going cheaper. According to the Solar Energy Industries Association, the price of installing solar panels has decreased by over 70% over the last few years. Also, companies like SolarCompany in Las Vegas offer affordable options. The initial investment in solar panels in the United States may be reduced by at least 30 per cent with the aid of federal and municipal incentive schemes.
Average monthly solar bill: approximate calculations
It’s a bit challenging to calculate the cost of the average electric bill with solar panels because many factors are involved. So we’ll give very general data. With an average of 4.5 peak sun hours per day, a 400W solar panel can provide around 1.8 kWh of power per day or 54 kWh per month. Let’s say your household uses 900 kilowatt-hours a month, and you have 17 solar panels installed on your house’s roof. If your system world well, your need for electricity will be fully covered by the energy you produce with the help of solar panels.
Going solar can save you about $800-1000 a year on average. However, the truth is you can only determine your profit accurately by comparing bills before and after the installation of the solar system. No matter how much energy your solar panels generate or how much energy your house uses, you will still have a monthly electric bill. If you have generated more power than you have used, however, your statement will indicate “No Payment Due” or something like that.
Remember that having access to solar system monitoring is crucial. Ask your installer how you will manage and control the system. Let them walk you through the monitoring software after the installation. This way, you will be able to know how your panels work and escape situations when you don’t know why your average monthly solar bill became higher.
Going solar may help you save money on your monthly power costs. There is the potential to save tens of thousands of dollars throughout the system’s lifetime. In addition, solar panels are an investment in your financial security. You will no longer be dependent on electricity prices and will feel calmer.