Are Solar Panels a Viable Money-Saving Option for Your Family?
Solar panels are now speckling the landscape across the United States. When solar energy first became popular, the use of solar panels was primarily confined to warm areas that experienced year-round sunny weather, but improvements in technology and a lowering in the overall price of solar panels have made them a viable option for homeowners across the country. Before you jump on board and find an installer to put solar panels on your roof, it’s important to understand the overall cost of the process and precisely what you can expect in the way of savings.
How much does it cost to install solar panels?
Solar panels, while a clean source of energy, are not cheap to install. According to solar experts, the average homeowner can expect to pay between $11,000 to $15,000 to install a solar energy system. This number includes the cost of the system, installation by a licensed professional, and the installation of a battery pack that will store energy collected during the day for use at night. It is important to note that most people who utilize solar panels also use some power from an electricity provider; this is especially true in areas that don’t have year-round sunny weather.
Is the cost of solar panel installation worth it?
While you’ll need to lay out a great deal of money upfront to install your solar panels, they will pay off in the long run. Considering that the average person can save around $2,000 per year on their energy bills, it can take between five and 10 years to recoup the original installation cost. The amount of time it will take to recover your installation costs depends almost entirely on your state’s solar programs, the size of the home, and the number of panels you plan on installing.
How much can I expect to save?
Every individual solar energy system is unique, and thus each user will yield different savings. The location of your home, the time of year and the amount of sun your home receives daily will affect how much money you will save each year on energy costs. According to energy saver estimators, the average Michigan resident can expect to save about $100 per month on their energy bill. For example, if your monthly bill is $118, you can expect to pay around $18 a month for the energy you utilize from the power company.
Individuals who live in a mainly sunny area, or have a home that is not obscured by trees may save more, or even have several months during high-sun periods were they receive a credit from their energy company.
The bottom line
Saving money is not the only reason you may be considering switching to solar energy. While keeping your electricity bill under $100 is a great benefit, solar power is a clean and renewable resource. Before you add solar to your roof, do your research so you know exactly what you are getting and what you can expect from your investment going forward.