In 2021, only about 4% of American homeowners reported investing in solar panels. Many experts expect this statistic to triple by 2030, and there’s a huge reason why.
The costs of investing in solar energy have plummeted by 70% in the past 10 years.
This reduced cost means more savings in the pockets of Americans. Every American is seeing energy bill costs skyrocket this year. That only adds more incentive to make the solar switch.
After all, the next energy crisis or power grid attack could be right around the corner. If you’re interested to learn how much you could save, then read on!
Switching to Solar: Initial Investment Cost
A solar guide touting solar savings wouldn’t be complete without mentioning the cost. That’s because the initial investment costs of going solar are often significant.
You need to calculate this cost to be honest about your potential savings.
In general, most homeowners will not see savings in the first year. It will take time to overcome the cost of the panels.
On average, setting up a solar system will cost around $15,000-$25,000. That cost will be offset by tax credits, incentives, and other savings.
This website with solar panels, for instance, explains the various incentives in Colorado. Be sure to subtract these incentives from the cost of your system. Then, you’ll have a good idea of how much your system costs you.
Average Savings to Expect on Your Energy Bill
Now, on to the fun part — the potential savings! Your specific savings will depend on several factors including:
• Sunlight exposure in your area
• The size and scope of your solar system
• Local energy rates
On average, you should save up to $1,500 a year on your energy bills once you’ve offset the initial costs. You can expect that number to go up over the years, though.
That’s because traditional energy prices will increase.
Other Savings You’ll Experience With Solar Energy
Financial savings are important, but they aren’t always the most important thing. By switching to solar, you’ll be saving a lot more than just money. You’ll also be saving the planet.
You’ll also be saving yourself the trouble of being chained to your power company. In 2023, the power grid has never been less secure. Nationwide, we’ve all seen several attacks on these power stations.
Give yourself the gift of independence by going solar.
Is Investing in Solar Energy Right for You?
Investing in solar energy is trendy, ethical, and noble. Not only will you be helping the environment, but you’ll be helping yourself, too.
Remember, going solar is also self-sustaining. By going solar, you’re also supporting your own freedom and independence. You won’t have to be so reliant on big government and power companies to keep you going.
So, is the investment worth it when it comes to savings? That’s something you’ll have to decide for yourself! We sure think so, though.
Are you looking for more hard-hitting content to help you thrive through 2023? If so, then you’re in the right place. Head to our lifestyle section now for more of our best articles.