The short answer is yes, solar panels save money. In addition to helping the environment by reducing greenhouse emissions, solar panels allow you to keep your hard-earned money in your bank account each month.
You save by paying less for the little electricity you consume from the grid, and by receiving energy credits when you send the excess energy to the grid. In short: you are buying costly future energy upfront—so you can save month to month in the future. By putting solar panels on your roof, you are investing in your own personal power plant.
But one thing we must keep in mind is that our roofs, utilities, and energy needs are all different. You may easily find that there’s no one-size-fits-all answer. To find out whether your location is good for a solar installation or not, fill out a short form here.
How much does a Solar PV System Cost?
Again, your price will depend on how many panels are required to meet your energy needs. Do you want to add batteries too? The number of needed kilowatts determines the total number of panels and final cost. The greater the number of panels, the higher the number of kilowatts.
And it is the kilowatts that establish the percentage of electricity replaced. A 12-kilowatt system will cost more initially than a 6-kilowatt system, but it will save you more money over time.
Then there is a federal tax credit, state incentives and in some places, even utility companies are providing subsidies to install solar. All those numbers matter and should be taken care of while deciding the final cost.
How long does it take to realize those investments?
Well, it all starts with your mindset. Investing in solar is for future planners. If you have a sunny roof, your solar panels offset your electricity use evenly, and your utility company offers a good net metering system, you are in attractive shape to trim your utility bills significantly.
10 years down the line when your neighbors are still buying costly energy from your utility, you would have been paying only for your utility meter charges. At that time, you would not only be saving on your monthly utility bill but also on account of enhanced energy rates. Believes us these blue-black panels work smoothly for 25-30 years with truly little upkeep.
What about loans versus upfront cash?
Conventional wisdom says you will save more with a cash purchase. But say you are ready to go solar but are struggling with the cash crunch. Or what if solar is not the best use for those funds?
Without a doubt, a solar loan will be a little more per month than your utility bill was. However, look at it as a hedge against rising utility rates (and they are meant to rise, always).
Understand it in this way that for a while, you have just shifted paying your monthly energy bill to your bank instead of your utility company. So, without spending your own money upfront (your hard-earned savings are still in the bank), and your month-to-month bills have stayed the same or risen a little due to the loan payment being slightly higher.
Let us say you own a business. Energy bills are the major portion of the operational costs of any business entity these days. Plus, you also don’t want to involve in this lien or mortgage system. Staten Solar [ppa link] got your back.
PPA (Power Purchase Agreement): A solar power purchase agreement (PPA) is a financial agreement where a developer arranges for the design, permitting, financing, and installation of a solar energy system on your property at little to no cost. The developer will sell the power generated to you at a fixed rate that is much lower than the local utility’s retail rate. Sounds Good! hmm…
Ready or comfort, security, and savings?
Solar panels will save you money and bring a return on your investment in no time. Rising property values, lowered utility costs, and the federal tax credit all ease the upfront costs of installing solar panels. Since the price of energy is not dropping, investing in solar energy is a smart move to save money, with the added bonus of shrinking your carbon footprint! Call us now on (408) 780-2889.