Did you know the average electricity bill in Denver, CO is $81 a month? If you’re looking to cut costs and lower your monthly payments, you’ve likely given solar panels serious consideration. Solar energy as a way to power homes and commercial buildings has become increasingly popular over the last few years.
Although, do you really save money with solar panels? Are they worth it? Keep reading this guide on solar panels and we’ll shed some light on costs, efficiency, and whether or not solar panels could save you money.
Energy Use and Needs
Before looking for solar panels, you should understand your household energy usage and your needs. House size, layout, number of electronics or appliances, and the seasons all influence the cost of your electricity bill.
The more energy you use, the greater the power rating, or size, your system will likely need to be. If you’re looking to use solar power exclusively, consider the number of sunny days in your area as well as the best place to place the solar panels.
Buying a Solar System
Once you’ve evaluated your energy needs, it’s time to look at solar panel systems. You have the option to pay outright for the whole project with cash or money received through a loan. With this option, you are responsible for routine maintenance and upkeep.
Many solar companies have financing offers you can take advantage of. When you finance a solar system, you’ll pay monthly (often no downpayment is needed) for the system and the solar company is responsible for upkeep.
You can talk to an expert from solar companies near me to learn more about your options, costs, and the size system you need.
Solar Rebates and Incentives
A majority of states, including Colorado, offer homeowners rebates and financial incentives when they add a solar system to their home. These financial incentives have helped greatly to boost the growth of solar sales in the U.S.
Other incentives include Solar Renewable Energy Certificates (SRECs) for those who own solar panel systems. One SREC is produced per megawatt-hour (MWh) the solar system is used. These certificates can be sold and put toward your future energy costs.
If you are financing your solar system, you are not eligible to receive these financial incentives. The solar company owns your system until you pay it off, and they will, therefore, receive the financial incentives.
Other Cost Savings
Solar panels have been shown to boost the resale value of your home by up to 4.1% in the U.S. It is possible to substantially cut and completely eliminate your energy bills with a home solar system and with regular, cost-effective maintenance solar panel systems have a lifespan around 25 to 35 years.
Do You Really Save Money with Solar Panels? Yes
So, do you really save money with solar panels? The answer is undeniable, yes. Installing a solar panel system will save you money through tax credits, rebates, a boost in your home’s value, and slashing your energy bills for good.
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