How Much Money Can You Save With Solar Panels?

If you’re considering adding solar paneling to your residence, you’re already aware of the benefits of green energy. However, you may not appreciate fully just how much financial benefit you will enjoy when you harness the power of the sun to create sustainable energy for your home. Here are six aspects of solar panel savings you should keep in mind as you consider making your home green.

Clean Water Savings

 

The power and clean water you use in your home are the types of energy that solar paneling must create to liberate you from your local utility companies. Fortunately, panel designers build the systems to achieve exactly these goals.

Solar thermal heating is the process by which your water gets heated and purified. The purpose of the panels is to harness the power of the sun. The panels repurpose this energy to act as heating elements.

All water in your home transitions from unclean to sanitary without having to pay the water company. Such services are much easier to perform in one’s home than most consumers realize, and the savings add up. With water bills increasing 33 percent since 2010, many homes spend $50 or more each month. That’s $600 a year or $6,000 over ten years that you spend on water. Solar paneling has no such maintenance costs over time.

The Power of PV Cells

Most of your solar panel usage will involve electricity generation. No matter how much laundry you clean, dishes you wash, or showers you take, the amount of electricity you use will still be far greater. Your washer and dryer and dishwasher still need electricity to run along with the water they use.

Solar paneling achieves energy creation via solar photovoltaic cells, aka PV cells. By attaching the panels on higher areas of your home, such as your roof, the PV cells translate solar energy into electricity for the home.

While many people have concerns about what happens on cloudy or rainy days, the technology provides a simple solution. Panels capture the solar energy and store the leftover electricity that isn’t routed to your power outlets.

High Voltage Savings

The beauty of PV cells is that you can either sell your unused electricity back to your local utility or you can store it in batteries for later personal use. If you choose to sell the electricity, your power company will pay you the same amount per kilowatt-hour that you would otherwise pay them.

Think about the potential savings in these terms. In 2013, the average electricity customer paid $110.20. Over a calendar year, that’s $1,322.40. Over a decade, that’s $13,224. That’s not the only money you save by not using the power company’s electricity though. If you choose to sell your extra energy back to them, you are capable of earning roughly $25 a month as an electricity entrepreneur. That’s $3,000 of revenue over the next decade.

The Solar Debate

The pros and cons of solar energy become more one-sided every year. Most major companies, particularly those in the Fortune 100, are investing a great deal of money in green initiatives such as solar energy farms. They are not doing so just to appear environmentally conscious.

There is a tremendous amount of potential savings for anyone who can create self-sustaining electricity. A giant building’s energy consumption dwarfs that of the average home, so it’s telling when fiscally conservative companies such as Wal-Mart and Apple go green. That’s a sign for homeowners that they should as well.

The primary con of solar power for home consumption once was the cost for the paneling itself. This is no longer a huge concern since the price of solar products has fallen dramatically in recent years.

At this point, there is almost a financial obligation for a homeowner to use solar paneling. As demonstrated above, a consumer can save over $20,000 over ten years by employing green technology. That extra $2,000 each year could equal or exceed the cost of your mortgage. In this way, solar paneling literally pays for itself.

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