Energy bills are rising in the United States, and one of the best ways to save money on your energy consumption is by installing a residential solar system. Eight percent of homeowners in the US have installed solar panels for sustainable energy in their homes. You can join them and reap the same benefits.
One of the most significant benefits homeowners point to when paying solar installation costs is the money they’ll save on their monthly electric bills. The best options for solar providers will help you lower the average monthly electric bill with solar panels and make passive income off net metering.
The good news is that you’re in the right spot to learn more about how much money you can save when investing in the solar installation experience. Continue reading to save money and help the environment today!
What is the Average Monthly Electric Bill With Solar Panels?
There are several factors to consider when determining your electric bill after installing solar panels on your home. The size of your solar system, the amount of sunlight, and the cost of electricity in your area will all play a role in determining your monthly bill.
It helps to account for the electricity your household uses each month. Track your electric usage in the months leading up to your solar installation experience. The solar providers will know how many panels to install based on your family’s electricity.
The average solar system in the US costs between $18,000 and $64,000, depending on the size of the system and necessary equipment. Still, it’s an upfront investment that will pay significant dividends in the future. The average solar installation saves homeowners between 50 and 90 percent on energy bills.
Changes to Expect
Your bill will look different the first time you pay for electricity after installing solar panels. Keeping your solar system connected to the grid will help you use less electricity and enjoy net metering benefits. Net metering is one of the most significant changes you’ll see on your subsequent energy bills after installing your panels.
Instead of charging you for the electricity you’ve used, the electric company will charge you based on the net difference between power produced and power pulled from the grid. You’ll pay for the power that comes from the grid.
If your solar panels produce more energy than you consume, you could generate income from your energy production. Energy companies purchase unused and surplus energy from homeowners with solar systems. It’s an excellent way to cover the cost of your solar installation.
The bill will also look different for grid-tied solar panel users. It’s the safest method to use solar power for your household needs. You’ll use power from the grid at night when your panels aren’t collecting energy.
You’ll enjoy coverage and power on cloudy days and rainy days. The excess power you produce when the sun is abundant gets sent back to you. You can pocket the money you receive from the energy company through net metering.
Factors Impacting Your Bills
Now that you understand the money you’ll save with a residential solar system, diving into the factors influencing your pay is essential. You can eliminate much of your monthly electric bill by investing in the best options for solar providers. Here’s a closer look at the most impactful factors for savings.
Energy Production
A residential solar system with plenty of solar panels will cost more upfront, but you’ll save significantly more based on your energy production. Bigger is only sometimes better for energy production, but a robust system will cover your expenses.
The best approach is installing enough solar panels to cover 100 percent of your energy needs. You’ll come ahead during sunnier months with passive income from net metering. Consider installing small, powerful solar panels to maximize energy yield and eliminate electric bills.
Eight thousand kilowatts annually is often enough to cover your household’s electrical needs. It’s also worthwhile to explore installing a solar battery for your home. It will add to the cost of going solar, but you’ll enjoy increased freedom from the energy companies.
Household Energy Consumption
Your power usage is the other prime factor determining how much you’ll save on electricity. Chart your family’s power usage to determine how many panels you’ll need to power your home. Households that hang-dry clothing and avoid using hair dryers use less electricity.
The average US household consumes nearly 900-kilowatt hours each month. Measure your household’s energy use and compare it to the amount of power your solar panels will bring in. A solar energy system that doesn’t meet your energy requirements will become a money pit.
The best route is a solar energy system that covers all your power needs. It’s the quickest way to eliminate your energy bills and start saving money.
Local Electric Rates
Electric rates are different nationwide. It’s essential to assess the electric rates in your area when contacting options for solar providers. Power rates are expected to continue rising by three percent annually. You can take preventative measures and save money with a residential solar system.
Account for your local rates to determine how much power you need to produce to come out even or ahead. It’s one of the last things to check when determining if the solar installation costs are worth it.
You’re staying ahead of the game by purchasing solar panels since you’ll start saving before rising energy costs. Consider an extra solar panel or two to bring additional energy to sell to the grid.
Invest in a Residential Solar System Today
Investing in a residential solar system is wise when you’re fed up with rising energy costs. Learning your average monthly electric bill with solar panels will help you determine the size of your system.
The most important factors to consider when contacting options for solar providers are the size of your system and your energy consumption. Work with the experts to save money with your solar installation experience.
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