KEY POINTS
- Solar panels significantly reduce electricity bills, with average savings of around 50%, potentially reaching up to 80% for some households.
- Excess energy produced by solar panels can be sold back to power companies, offering additional income through buyback rates.
- Installing solar panels increases home value, with properties in areas like San Diego seeing an average increase of about $20,000
Ways Solar Panels Help You Save Money
Solar energy is increasingly becoming more affordable for people to have in their homes. It has become a great way for homeowners to save money too, since they won’t have to rely on the grid for all of their power.
However, some skeptics out there don’t think that solar power is worth it. To dissuade some misconceptions, here are five ways that solar panels can help you save money.
Lowering Power Bills
The most notable way you’ll save money with professional commercial solar installation is that you’ll have a lower electricity bill each month. The savings will be different from household to household, but the average is about 50% savings on each bill. Some people have saved as much as 80% on their electricity bill.
Homeowners utilizing solar panels in NJ have experienced an impressive average of up to 70% savings on their electricity bills.
Power Companies Might Pay You
If your solar panels generate excess energy, your power company might offer a buyback rate. It can vary, depending on which company you have as your provider, but it roughly adds up to about eight cents per unit. Over time, you can start to watch the money roll in the more you come to rely on your solar panels.
Increases The Value Of Your Home
Adding solar panels to your home can greatly increase its value since future buyers are more likely to consider a home that they can start saving on. It decreases their overall carbon footprint, which leads to savings that new homeowners can appreciate. On average, adding solar panels has added about $20,000 to property values in the San Diego area.
Saving On Heating Bills
During the winter, you can use a lot of power to heat your home, especially if there is a lot of open space. With solar panels, however, you can save on those electricity bills by connecting your solar panels to your home heating system. Although you might not get as much solar power in the winter as you do in the summer, it can still save you enough on your bills to put a dent in it.
Ability To Store Excess Power
Most solar panels come with a battery system that can store excess solar power for you to use when you need it. This is the perfect solution if you have a blackout or want to use your solar power during the night to save on bills. It’s also a great way to store all of that solar energy so that none of it goes to waste, giving you a higher ROI on your solar panel investment.
You can receive a wide range of financial benefits from having solar panels for your bank account and the environment. If you are interested in adding solar panels to your home so that you can start reaping these rewards, then be sure to contact the nearest solar power supply company to see how you can get started. They can provide you with all the information you’ll need to save on your electricity bills.
