Do solar panels save money? This is what most people are thinking these days. Solar energy is in trend nowadays because people are more conscious about savings due to every day increasing inflation. People also want to invest the money to get back the bulk of their savings. It is not a materialistic nature, rather it is the need of the hour. Solar panels are one of the top returning investments. It is like a long-term investment with a guarantee of higher returns if invested wisely. Solar panels can contribute a large part to savings.
How much money do solar panels save?
People think right. Solar panels are a money-saving investment, but how much? There are some very important factors to be considered while calculating the savings from solar panels.
The following are basic factors to be considered:
- Sunlight hours per day
- Local electricity rate
- The total size of solar panels
How to calculate the savings?
The next step is to calculate the savings before investment. Remember you have to be very careful while calculating the savings. Here is how you will do calculations.
First of all, you have to calculate how much you spent on electricity in one year. If your average monthly electricity bill is $120.00, you almost spend $1,440.00 on electricity every year. It can vary depending on your usage. It can also vary depending on local electricity rates. You can calculate by actual electricity bills you have already paid.
Next, you need to estimate your need for energy so you can decide how panels you need to install to fulfill your energy needs. Then you will get a quotation for panels and other necessary accessories required to set up a solar energy system for your home. For example, if your investment is almost $10,000.00, you can recover your investment in almost 7 years. It feels like a very long period for recovery, but also take a look at the working life of the solar panels you are going to install. The average working life of solar panels is almost 25 years, which can be increased by just a little regular inspection and maintenance. That means you will save almost 25,000.00 dollars in 18 years after recovering your investment.
The above calculation is an example that is very close to the residents of the United States. You can follow the same calculation steps with your rates of electricity, your needs, and the total price of purchasing and installing solar panel systems.
How do solar panels save money?
The base rate of electricity and the taxes on electricity are continuously going up all over the world. Any type of subsidy or decrease in electricity rates had not been recorded in the past few decades. Solar panels produce energy for you, hence, you have to pay less to the grid. Moreover, if you install solar battery storage for nighttime, you can increase your savings.
The prices of solar panels and the cost of installation are decreasing while the quality is getting better due to high competition in this new emerging field. This is the right time to take a step to invest in the right field to get maximum returns.
Solar panels do not cost much for maintenance and repair. It is because solar panels are fixed and have no moving parts. You only need to keep clean the surface of solar panels so they can produce maximum energy. It is recommended to take the advice of installing company about cleaning and maintenance of solar panels. You can also call them for annual or semi-annual inspection of solar parts.
The efficiency of solar panels:
Solar panels are very efficient in working. They are noted to convert 22% of energy into electricity. It is a very big number that can help you to get most of your energy from solar panels. You will not need to grid electricity if you have made the correct calculations and installed solar batteries storage for nighttime and the time when the weather is overcast.
The weather has a great effect on the efficiency of solar panels. The only source of energy for solar panels is the sun. If your region has good sunshine, you can completely rely on solar energy. But on other hand, if the weather in your area is the least bright and mostly overcast or you have fewer daylight hours, you may have to use grid electricity to some extent.
Final Words:
Solar panel installation can be the best move towards making huge savings. The energy rates are not coming down. The graph will rise further in the future. The investment will be recovered in a short period. After that, you’ll yield free energy and save the money you had been spending on energy. You will have no worries about the energy bills.
FAQ’s
Do solar panels save money?
Yes, over time, solar panels can help you save on your electricity bills by generating your own power. The amount of money you can save will depend on factors such as your location, the size of your solar panel system, and your current energy consumption.
Are solar panels efficient?
Solar panels are considered efficient as they can convert sunlight into electricity. Most solar panels on the market today have efficiencies between 15-20%.
How long do solar panels last?
Solar panels typically have a life expectancy of 25-30 years, with proper maintenance and care they can last longer.
How much do solar panels cost?
The cost of solar panels can vary based on factors such as the size of the system, the type of panel, and the location of the installation. Typically, a solar panel system can cost between $10,000 and $30,000 or more.
Are solar panels worth it?
The decision to install solar panels depends on your personal circumstances and energy needs. However, solar panels can provide long-term cost savings, reduce your carbon footprint, and increase the value of your property.
Can you power a whole house with solar panels?
Yes, it is possible to power a whole house with solar panels, the size of the solar panel system needed will depend on the size of the house and the amount of energy consumed.
