With so many investment opportunities available in today’s day and age, it’s easy to be skeptical of products that boast promises of “saving you tons of money” – but what about energy efficient solar panels? Solar panels are no different – saving money through reducing your electric bill is one of the main appeals energy efficient solar panels as a product and home, business, and agricultural upgrade. The simple answer to the question “do energy efficient solar panels really save you money?” is yes.
The first step to understanding how much energy efficient solar panels can save you is to calculate how much you are currently spending on electricity every year. For example, the average annual electricity use required for a U.S. household is 11,000 kilowatt-hours (kWh). Multiply that by the national average electricity rate as of November 2017 ($0.1301 per kWh) and you’ll find that the typical American family is spending over $1,430 a year on electricity alone. When you compare the cost of utility electricity with energy efficient solar panels, you should keep in mind that you can expect electricity rates to increase annually. Over the past decade, national electricity costs have increased at a rate of 2.2% per year.
While the upfront cost of an energy efficient solar panel power system must be met, once installed they require little maintenance, can be expected to last at least 20 years, and the electricity they generate is free. The cost of energy efficient solar panels is coming down quickly and systems are becoming more affordable for many households, businesses and farms.
Most residential homeowners will make an investment in energy efficient solar panels ranging between $15,000 to $30,000 to eliminate 100% of their electrical usage. Larger homes and those that use electricity to heat and cool their homes use more electricity and have higher electric bills that require a larger solar investment, but their savings are also greater.
Lifetime Solar is your midwest solar power system installer. We are licensed and insured and have over a decade of experience. With thousands of systems installed, we offer a manufacturer’s warranty (25 years on solar panels), on all parts we supply, and a 5-year workmanship warranty. If you are considering residential or commercial solar for your home or business, please call (888) 477.8869, email [email protected], or visit our website: https://lifetimesolar.wpengine.com.