How Switching to Solar Power Can Save you Money
In the era of ever changing electricity rates, switching to solar power may be one of the most cost-effective moves for your home. Solar panels reduce how much your household spends on energy while simultaneously adding to your home value.
Currently households spend thousands of dollars on electricity. Energy prices of late are not going down. Today energy companies provide their customers with convoluted pricing systems that fluctuate depending on the season and even changes during the day. Changing your home to a solar powered one prevents electric companies from price surges, saving you lots of money every month on your electricity expenses. Solar panels are more efficient in energy production and use less energy than traditional electricity. Because solar panels create a natural and local source of energy for you to use, it takes out the middleman of electric companies, allowing you to draw energy right from your own roof using natural sunlight. Since the sun isn’t out to make a profit, it will not randomly increase your usage rates, allowing you to be more efficient in your energy usage.
Solar Reduce Utility Costs
According to the U.S. Energy Information Administration, the average 20-year savings for a solar powered home in Arizona for 2019 is $18,528. In New York the average is as high as $29,069 with average 20-year savings in Massachusetts topping $41k.
In 2017 the average monthly electricity bill for residential households was $111.67/mo which adds up to $1,340.04 annually, according to the EIA. Current estimates for savings with solar panels indicate homeowners can cut their electric costs by 50% or more with solar power. Some estimates even got as high as 80% savings, trimming about $1,000 off annual electric expenses.
One way these savings are possible is through a policy available in most states called net-metering. By this, the energy produced from your panels that is not immediately used is sent back to the grid and stored. In return, the household is given credits on their electric bill. From this, households can draw energy from the grid at night without spending any extra money.
Solar Panels Aid in Home Value
Moving to solar energy is definitely an investment for your home and unlike with electric companies, prices are only going down. Over a decade ago, the cost of solar panel installation exceeded $50k. Today the average cost of installation is between $10-15k. While that still may seem like a large start-up cost, the initial expense is ultimately recovered through a sharp decreases in energy bills.
Not only do you save money on your electric costs, solar panels also benefit homeowners by increasing the value of their property. A 2015 study from Lawrence Berkeley National Laboratory found that installing solar panels on one’s home yields a 3.74% increase in sale price than non-solar panel homes of comparable value. According to the study, solar power increases home values by an average of $14,329. The study looked at 22,822 home sales, 3,951 of which had solar powered systems compared to 18,871 homes that were not solar powered.
Through surveying the costs and logistics of selling homes with solar energy capability, the authors of the study conclude that, “[h]ome buyers consistently have been willing to pay more for a property with PV across a variety of states, housing and PV markets, and home types. Average market premiums across the full sample of homes analyzed here are about $4/W or $15,000 for an average-sized 3.6-kW PV system.”
How Solar Fuse Can Help
Solar Fuse is one of the leading names providing top tier quality solar power for households across Arizona. Solar Fuse is a solar broker that works with customers to get them the best possible deal and the best rates as they move to solar powered energy. With over 25 years of experience, Solar Fuse will help you make the quickest and easiest transition to solar power offering free quotes with zero obligation along with cash purchases, financed purchases, and lease agreements.