People have been getting more interested in solar panels, especially as the costs have been coming down due to rapid advances in technology. As solar panel installation becomes more affordable, more people will start enjoying the benefits and cut their electric bill down to zero! For many homeowners, the primary concern they have when it comes to solar panels is the cost of installation. Here’s a brief guide on the simple math behind saving with solar!
In order for you to realize the savings of owning solar panels, you’ll need to do some math. Even if math is not your strong suit, there’s a simple way to calculate your savings and you’ll be glad that you took the time to do it!
In 2010, the installation process on solar panels cost an average of $7.14/watt. Today in 2020, the installation process costs between $3/watt – $4/watt, depending on the type of solar system purchased. The cost has come down which means you can’t afford not to take advantage of solar technology!
Electric Company Vs. Solar Panels
When comparing the costs and benefits of solar panels vs. doling out money to the electric company, you’ll have to examine the costs of both in detail. Starting with utilities, electricity costs an average of 13 cents/watt.
If you’re planning on staying in the same home for the rest of your life, you can calculate and compare your costs vs. savings on a lifetime basis. Start by adding up the average you’d pay for electricity for one whole year. Take that number and multiply it by the number of years you expect to remain living in the same home.
Even if you don’t plan on staying in the same home for many years, installing solar panels can increase the value of your property and make it more lucrative when it’s time to sell.
Using this formula as an example, you can see the lifetime cost of paying for electricity.
Your exact number may be higher or lower, but on average, many folks dole out somewhere around $35,000 to the electric company over the course of their lives. You could use that money for so many other more important things. A tidy sum like that could put a kid through college. If you don’t have any kids, you can put it towards a new car or a series of vacations.
Making a Decision
When you invest in solar panels for your home, you’re investing in yourself. It’s a one-time cost that pays for itself and will provide you with savings for the rest of your life. Honestly, there’s no reason not to invest in solar panels for your home. As long as you get adequate sunlight, you can start racking up years of savings. Instead of writing a check to the electric company, you can splurge on yourself and have more financial freedom to do the things you’ve always wanted to do.
Get in touch with the experts at Live Smart Construction in Kansas City to start saving with solar. We can hook you up, you’ll never have to pay an electric company again!