As a homeowner, one of the best things about shopping for power sources is to know how much you are going to save, or how much you can save. Comparing residential solar panels to other power options has cost savings that could positively impact your budget over time. With many homes spending around $200 a month on electricity and utility costs steadily increasing, taking advantage of cost savings is critical.
This article will help you get an idea of how much you can save on energy costs by switching to solar.
How Much Energy Are You Using?
When you start to calculate your cost savings, you need to know how much energy you are using now. Currently, statistics around the United States indicate that homes use approximately 1 kW an hour or more. In most cases, Based upon this rate, a family needs a significant amount of power to maintain their lifestyle as it is currently. With residential solar panels, the energy used is reduced and further cuts the cost of your overall electric bill.
What Does 1 KW Cost Right Now?
On average, across California and the rest of the West Coast, the average cost of 1 kW is $0.10 an hour. At this rate, the average electric bill should sit around $73-75/month. However, many California residents have an average electric account of $170. There are some reasons for this spike in electricity usage.
If you are using more electronics, internet, and appliances during these hours, you could use up to 4 or 5 kW an hour. Since more power is required for technology and smart devices throughout the home, this average of 1 kW will increase over the next five years and the average cost. Some appliances run and operate in the background of your home, absorbing the energy around the clock.
How Do My Residential Solar Panels Help?
The first thing to note about residential solar panels is the price reduction over the last five years. With a 12% cut in the overall cost, they are more affordable for new homeowners or current homeowners looking to switch.
Once the residential solar panel system is installed, its energy production will take over a percentage of your power. This will reduce your electric bill each month, saving you thousands over the life of the solar panel system.
Other Financial Benefits
While you will find savings on the solar panel system and the monthly electric bill, you will also get financial incentives on your income taxes for purchasing and using a solar panel system. At the federal and state level for California, you receive a credit for your income taxes if your property includes a solar panel system.
Estimate Your Savings!
If you own your home and are paying over $100 per month in energy bills, you could be a perfect candidate for solar energy. Our solar savings report allows you to receive an instant savings estimate just by entering your address.
And if you’re ready to take the next step, contact us today and we’ll be happy to answer any questions you have. You can also schedule a contactless consultation quickly and easily using our online calendar.
