How much do Solar Panels Save you in 2019?

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2019 is the year everyone talks about the environment, and the year you want to save as much as possible on electricity. With the cost of electricity skyrocketing in most countries of the world, it is imperative to find an alternative means of powering up your home and your appliances both for costs and the environment.

The best way to save money on bills is to leverage the power of solar energy. Solar energy is a renewable source of energy that is not dependent on men. While worldwide power plants and dams are prone to damage and failure, solar energy can be captured every single day, regardless of what happens on earth. For that, you can use a modern discovery called solar panels. These devices can be mounted on the roof, in the backyard or even on the balcony, capturing solar energy and transforming it into electricity.  

In 2019, the cost of solar panels is still quite high. However, you can save pretty much if you’re going off the grid. What’s truly amazing is that the US government still offers grants for solar panel installation, so you can start saving money ASAP and recoup your investment in just a few years.  Keep reading to discover how much you can save with solar panels in 2019.

Do Solar Panels Really Save you Money?  

Installing solar panels and going off grid is definitely a bold move. Many homeowners, especially those living in big cities, prefer to stay connected to the grid, either because they don’t understand the benefits of solar panels, or simply because they don’t have enough money for upfront investment in solar panels.  Solar panels help you save a lot of money in the long run, especially if you live in a sunny state. For example, if you live in Florida, Texas or Colorado, you can save up to 90% on heating costs on a monthly basis. In addition to saving you money on electricity, you can also save money when installing solar panels by accessing a government grant. Here is an article that details how you can gain access to solar panel grants: https://www.letsgosolar.com/solar-panels/financing/grants/.

How Much Can you Save?  

To make a correct assessment of the savings you can get with solar panels, you have to start by calculating the actual electricity spend you have. In the US, the average electricity use per household per year is 10,400 kWh. If you multiply that with the national average price per kWh, you’ll get to around $1,335 a year. Then, you need to consider inflation, your actual consumption rate and also the price in your area.  For example, if you live in California, you’ll probably spend more than $1,335 a year on electricity for an average house. If you live in Montana, you’re probably only spending around $1,000. With a standard solar panel of 6 kW, you can produce between 5,000 and 9,000 kWh. You basically need 2 solar panels to go off grid completely.

A system costs around $19k, so you have to pay around $38 if you don’t get any grants from the Government.   However, let’s say that you land a grant, and you only have to pay for one panel. This means you only have to invest $19k. With 2 solar panels in California, you can easily get to enjoy savings of $1,699 a year. You can basically recoup your initial investment in just 12 years. Then, you are making a profit. You can make over $10k in profit in 20 years and around $25k in profit in 30 years. So you’re not just saving money with solar panels, but also making a profit.  Depending on the state you’re in, the local cost of electricity and the grants you get, you can recoup your initial investment in around 5-10 years, and then you can start saving over $10k a year in electricity bills. As if these were not enough, you are also reducing the carbon footprint and setting a good example in your community. To top it all, you will continue to have electricity in case of an unforeseen power outage or even if an undesired war would break out.

Conclusion  

Solar panels represent an amazing investment in 2019. You can recoup your investment in just a few years and then save big on electricity. Moreover, you have the peace of mind that you will never run out of power, and you’ll even have enough energy to share it with your neighbors.