You’ve probably heard people say, “if you have solar panels you’ll save money on your electric bill,” but how exactly do homeowners save money by using solar power?
Many people across the country want to divest from traditional energy and invest in renewable, non-polluting energy sources like sunlight, and solar panels are an excellent way to do this. In this article, we’ll explore how you can save money by using solar energy, and approximately how much you can expect to save in the long run.
How does solar energy save money?
Solar panels turn sunlight into energy that powers your home. Sunlight is free, which means the energy generated by your solar panels is completely free, and completely clean. Traditional electricity is drawn from your local power grid and you pay per watt according to how much electricity your house consumes each month. Using solar energy means there’s no need for you to draw from your local power grid.
Breakdown of solar energy costs
Purchasing and installing solar panels will constitute the largest chunk of the overall cost. Depending on how large your solar system is and the type of solar panels you choose, the installation and price of the panels themselves is usually between $17k – $25k. The average price per watt for energy produced by home solar systems is approximately $2.75. To see how this compares to energy drawn from your local grid, check your latest utility bill and look at the cost breakdown.
How much do solar panels save?
Every solar system is different because there are multiple factors to consider, including how many people live in the home, how much energy the home uses each day, and how large the solar system is. But on average, according to Energy Sage, homeowners can expect to see savings of around $400 per year, with 20-year savings averaging in the tens of thousands of dollars. These costs also depend on what climate you live in and how much sunlight you receive on a daily basis.
For more information about using renewable energy with a home solar system, or if you have any questions, please contact our team at Green House Solar today. Discover why so many people are investing in solar power to reduce their electric bill and their carbon footprint in New Jersey.