It’s hard to find precise data about how much you can save with a solar installation. Sure, everyone says “Yeah, you can save money with solar panels! Switch to solar. It’s worth it.” But do people actually know the numbers to behind saving money with solar panels?
Finding these stats isn’t easy on the internet, but according to the NC Clean Energy Technology Center, homeowners who switch to solar can expect to save a great average amount of money every month on their energy bills.
Their report states that “Solar PV customers in America’s 50 largest cities that invest in a 5kW solar PV system save an average of between $44 to $187 per month (before a loan, lease, or PPA payment) during the first year that they own their system.” This makes the switch to solar powered energy an immediate savings. Every month on your bill you will notice a lower amount, meaning more room to save your money. Or spend it on something else.
The good news doesn’t stop here.
If you reside in California, you’re in even better luck. Savings with solar panels are the highest in this state. The highest monthly savings nationwide are in San Francisco, at $187, San Jose next at $186, San Diego at $137, and finally Los Angeles at $101.This equals a total of almost $12,000 in savings a year, give or take.
What’s more is after the solar panels are finally installed, you can expect your home to increase in value at an average of $18,000. Depending on where your home is located, along with other specifications, this home value is likely to increase and make your home more desirable to buyers.
Not only will you save money on your electric bills every month but you can also sell back the energy your panels generate to other consumers. In the long run, you end up saving money on your bills and you make money for selling extra power.
Independent energy is not only good for the environment but it helps save you money.