How To Calculate Your Savings
Lets say your power bill right now is $200/mo., but you offset that with a solar system that generates $150 worth of power. Now your power bill is only $50/mo. And your solar rate is locked in at $150/mo. This means that when power companies raise their rates, it only affects the $50 you spend each month and not the $200 you were originally spending.
If you don’t have solar and your power company increases their rates by 10% you now pay $220/mo. With solar your bill goes from $150(solar payment) + $50(utility bill) to $150 (solar payment) + $55(utility bill). With solar your bill went up by only 25% of what you would have had to pay without solar.
You Save Even More When You Factor Rate Hikes!
If you factor that over 20 years your savings from going solar are $4,800 assuming they only raise the price once. If you look at electricity prices from 20 years ago you will see that the average rate for home electricity costs has increased by almost 50%. If they raise it another 50% in the next 20 years you could save as much as $18,000 meaning that the cost of your home solar panel system is paid for in your utility savings alone.
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Reducing or Eliminating Your Utility Bill
Your solar savings are based on several factors. The biggest being how much of your power bill that you want to offset with your new home solar panel system. The average home solar panel system is designed to generate 6kW hours for a home approximately 1,500 sq. ft. in size. This can change depending on your power usage, home size, and how much of your bill you want to offset. The bigger the solar panel system, the more power you can generate. Bigger isn’t always better though, as the larger the system, the larger your solar payments will be each month.
Finding the balance is one of the most important choices when looking at going solar in your home. Our team of home solar panel system designers look at your current and historical power usage to determine what the most beneficial system size will be. This helps maximize your savings over the life of your system.
Your Utility Savings Will Just Keep Growing
Your solar savings can also be calculated further by factoring in rate hikes. Once your system is installed, your cost for the solar system is locked in. This means you will always pay a set amount for the solar power generated at your home. When you take into account power companies increasing the cost of electricity over the 20-30 years you will have your home solar panel system, your savings become even greater.