Solar panels have been a popular topic in recent news and for good reason. They can be installed on both residential and commercial properties, and they provide tremendous savings opportunities!
You’d think everyone would rush out to get solar panels. However, confusion around the cost of installation vs the savings has some at a standstill.
To help you decide, this article will break down the ins and outs of solar panel savings. What will your electricity bills be like with solar panels? Read on to find out!
Solar Panel Installation Costs
Before you start budgeting for your monthly electricity bills, you’ll want to see if solar panels are something you can afford. The cost of installation ranges greatly from 1 property to the next. However, in general, you can expect to pay about $10,000 to $20,000 for residential solar panel installation.
How Much Will You Save?
The cost of solar power installation is nominal in comparison to the savings that are generated from solar panels. It is estimated that homeowners who opt to install solar panels can save between 30% and 50% on their monthly electricity costs.
You can use sites like https://blueravensolar.com/blog/how-much-do-solar-panels-save/, to get into the finer details of what you’ll be able to save. In addition, communities that install solar panels are eligible for state and federal tax credits. For example, homeowners can deduct 30% of the cost of installing solar panels from their taxes.
Average Electric Bill With Solar
What will your monthly electricity bill be like with solar panels? It can vary significantly, depending on your home or business’ energy usage.
For residential purposes, 50% is the average you should expect to save. This doesn’t mean that the cost of electricity used in your property will drop from $200 to $100 per month.
Since you’ll still be paying a few hundred dollars for electricity, that money will be generated by your savings. In other words, you won’t have to shell out as much cash during the summer months, which are typically the most expensive time of year in terms of electricity usage.
For commercial properties, those who spend more on their bills can expect to save even more per month using solar panels. Depending on how much electricity that you use in your business, the average savings is quite high – up to 75% of your monthly costs can be saved.
Qualifying for Discounts
In many regions, those who are willing to install solar panels can receive small or large discounts on the cost of installation. There are also grants for people and businesses that want to commit to conserving our natural resources. These grants are offered by both the state and federal governments, so be sure to look into them before deciding whether you should do.
Lowering Electricity Bills
Now you know a little bit more about how much you can expect to spend on electricity bills when you have solar panels. It’s clear to see that the savings solar provides make it a smart choice for most people.
If you’d like to learn more about the cost of installations or the savings produced by solar panels, start looking online for grant opportunities. Next, review the criteria list for each discount, and apply if you qualify! For more fun tips, explore another article in this section.