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How Solar Power Saves Money, Part One

Solar panels represent a great way to harness the power of the sun to generate electricity. Solar power is a sustainable resource, eliminating harmful carbon dioxide emissions into the atmosphere. By using solar panels to generate power, it is possible to reduce the consumption of petroleum or other “fossil fuels”, used by many power companies to produce electricity.

Did you know that it is possible to save money on your home electricity bills by installing solar panels? It’s true: homeowners can save up to 50% of costs on utility bills for the life of the solar panel system.

Saving Money with Solar

While there is a significant initial cost associated with solar panel installations, the systems are designed to last for many years. Over time, the installations pay for themselves in reduced utility bills. Here are some examples to demonstrate how solar panels save money:

On average, a typical household in the U.S. consumes about 1 kilowatt (kW) per hour of electricity. Round that up to about 900 kW per month for the average home. Each kilowatt, on average, costs about 12 cents based on current utility rates. So, the average home’s electricity bill is around $108 per month based on these average figures.

Now, imagine that you’ve installed a 3kW solar panel system. With average daily sunlight, that system would generate approximately 450kW per month. That is about half of the amount used by the average U.S. home. Generating 450kW means that your utility bills shrink to about half of the current charges, meaning the bill is now $50 per month. That is a significant savings!

The bigger the solar panel installation, the greater the savings. Using the average cost figures above, a 5kW solar panel system may generate 800, 900, or even 1000 kW of electricity every month! This can reduce or even eliminate the utility costs you pay for electricity, and that applies for the entire life of the solar panel system.

Getting Started with Solar Panels

In the next blog post, we will discuss ways homeowners can save even more money by installing solar panels. This includes defraying the upfront costs of the installation itself. Stay tuned for more.

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