Today many property owners are looking towards alternative sources of energy for their homes and businesses. Saving on energy expenditure is key as the economy continues to stabilize. Currently, the average household pays between $120 and $170 per month in energy costs. To evaluate the amount of savings that a solar panel can provide, it is important to look at the long term picture. Although the upfront cost of solar panels may be sizeable, the amount saved each month is worth the initial equipment cost.
Considering the variables
It is difficult to predict the exact amount of money that solar panels can save you since there are so many different variables to consider. These include the amount of sun exposure the solar panels positioned on your home receive. Other variables also include the the amount of energy your home uses and whether or not your windows and doors are energy efficient. Unpredictable weather can also affect how much solar energy your panels are able to convert into electricity.
Solar Leasing vs. Owning
In addition to the many variables to consider with regards to solar panels, energy savings will also be directly related to whether or not the property owner decides to purchase the panels outright. Leasing the panels is an option provided by many solar panel companies however this is not always the most financially advantageous choice. In order to determine which option is best, a homeowner or business owner can compare the costs and consider the advantages and disadvantages of either option.
Significant energy savings
Regardless of the variables and the cost of equipment, many homeowners and commercial property owners have noted a significant amount of energy savings. Individuals have reported that their energy bills have seen a decrease by as much as 50% to 90%. If a homeowner’s costs for energy were $200 per month equating to $2,400 per year, they can expect to reduce that amount to only $100 a month saving themselves up to $1,200 for the entire year. Solar Renewable Energy Credits (SRECS) are produced with the energy generated by each solar panel. These credits are another way that property owners can experience great financial benefits.
When considering the energy savings that solar panels provide, it is easy to see why many homeowners are choosing this option. In addition to the savings afforded on a monthly basis, the property’s overall value is significantly increased with the addition of solar panels. This provides a unique advantage when it is time to sell the home or to get an appraisal for a refinance. Taking these benefits into consideration can illustrate the significant savings available with the installation of solar panels.