When considering a solar panel installation, one of the most common questions homeowners have is how much money they can expect to save once the panels are installed and working.
Cost savings is, after all, the #1 reason why solar power generation equipment is installed on homes in the US.
So, how much does solar save, on average? And, what are the factors that contribute to the cost savings?
We have the answers for you!
Factors to Consider
The reason why LeverEdge solar systems are in such high demand is because they can quickly and reliably lead to significant cost savings for homeowners.
The actual savings can vary depending on several factors, including location, system size, local electricity rates, available incentives, and individual energy consumption patterns.
- Location: Different regions receive varying amounts of sunlight, affecting the overall energy production and savings. Areas with abundant sunshine tend to generate more electricity and subsequently offer greater savings.
- System Size: The size of the solar panel system installed plays a crucial role in determining savings. Larger systems generate more electricity and can offset a greater portion of a homeowner’s energy consumption.
- Local Electricity Rates: The cost of electricity in your area is a significant factor. Higher electricity rates result in more substantial savings when homeowners generate their electricity through solar panels.
- Incentives and Rebates: Government incentives, tax credits, and rebates can substantially reduce the upfront cost of installing solar panels, making the investment more financially viable and improving the overall savings.
- Net Metering: Net metering policies allow homeowners to receive credits or payments for excess electricity they generate but do not consume. This arrangement further enhances cost savings.
- Energy Consumption: Individual energy consumption patterns influence savings. Homeowners who use more electricity during daylight hours can benefit more from solar panels.
Keep in mind that in some locations, it’s just not feasible to install solar power generation equipment. This is why it’s important to work with your local LeverEdge dealer to determine the realistic outcome of a solar project you might be considering.
Let’s take a look at a few examples of how much money solar power systems can save homeowners in a few select areas of the United States:
California has high electricity rates and abundant sunshine, making it one of the most financially attractive regions for solar panels. Homeowners in California can save an average of $28,000 over 20 years by installing a 5 kW solar panel system.
New York offers generous incentives and has moderately high electricity rates. Homeowners in New York can save around $18,000 over 20 years with a 5 kW solar panel system.
Texas has lower electricity rates but receives ample sunlight, resulting in significant savings. Homeowners in Texas can save approximately $20,000 over 20 years with a 5 kW solar panel system.
How Much Could You Save? Ask Us!
At The LeverEdge, we’re passionate about helping homeowners go solar.
To learn more, contact your local LeverEdge dealer. In case you need to locate one near you, just contact us and we’ll be happy to help!
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