Solar panels can reduce your electricity costs and help you save money. While Nevadans pay less for electricity than most homeowners in the U.S, many residents question if solar panels are worthwhile investments.
If you are a Nevada resident who has invested or plans to invest in a solar system and wondering whether solar panels reduce electricity bills, you are in the right place.
Do solar panels reduce electricity bills?
In most cases, yes. Solar panels can reduce your monthly electricity bills down to a $10 interconnection fee under the right circumstances. Here are a few main ways that solar panels reduce electricity bills:
1. Reduced Grid Usage
The power generated by solar panels is essentially “free” because it doesn’t cost anything to produce once the system has been installed. The more solar power your home uses, the less money you have to spend on expensive grid power.
2. Reduced Grid Electricity Rate
You can only do something to reduce your rate if you are dependent on grid power. But if you use solar panels, you can cut your electricity costs by as much as 80%, or to just 8 cents per kWh, considerably less than the cost in any significant American urban area. Consider going solar as substituting monthly payments for your solar equipment for your electricity bill.
3. Avoid Rising Utility Costs
Rates for grid electricity are already higher than those for solar and will rise over time. The U.S. Energy Information Administration (EIA) data reports that during the past 20 years, the cost of grid energy has climbed by an average of 2.79% annually.
Moreover, the EIA anticipates a rise of 2.54% between 2022 and 2023. Going solar, on the other hand, fixes your electricity bills for the system’s whole lifespan. If you switch to solar in 2023 at an energy cost of 8 cents per kWh, you will effectively still be paying that price in 2043
Solar Tips to Further Reduce Electricity Bills
A long-term strategy to maximize your solar investment will also help you reduce your monthly electric cost. Here are top solar tips for reducing electricity bills with solar panels:
Add a Storage Battery
You can spend money on battery storage, holding any extra electricity your solar panels produce. If your panels lack electricity, you can use your battery reserves instead of consuming power from the utility grid.
Utilize Net Metering
With net metering, you can sell the additional electricity your solar panels produce back to the grid. Your utility company then gives you credit for the excess electricity, which could help you pay less each month for electricity. To further reduce your rate, watch for a decent solar feed-in tariff.
Maximize Your Time-of-Use
With a time-of-use electricity plan, you can reduce electricity costs by scheduling your energy use during off-peak and peak periods. In Nevada, time-of-use pricing is available, which can help you save money using energy-intensive appliances during non-peak times.
Go Solar With an Expert Today
Going solar is one of the most obvious ways to lower your local utility company’s electricity bill. Contact Solar Optimum if you are prepared to install solar panels, so you can reduce your electricity costs by using sustainable energy in Nevada. To find out more about our services, visit our website.
