Are you wondering how much money you can save with solar? All homes can save different amounts of money based on a few different things.
A Households Electricity Consumption Is the Main Factor of How Much Money Can Be Saved with Solar
The main factor that dictates how much money you can save with solar is based on the amount of energy your household consumes. Homes that use up more electricity will be saving more money. This is due to the fact that the more electricity a household consumes, the higher an electricity bill would be without solar.
Therefore, a good way to calculate the amount of money that is being saved within a small time frame is by looking at the cost differences of your monthly electricity bill compared to monthly financing costs of solar panel installation.
Basic Math of How Much Money You Can Save with Solar
Here are some of some basic mathematics that can help you have an understanding of how much money you can save with solar.
Example of How Much Money You Can Save with Solar Can Save
Let’s consider that a homes electricity bill was an average of $1,000 a month on their electricity bill.
If they get solar panels that can generate the same amount of electrictricity by financing them for $400 a month, the minimum short term monthly savings of this household would be $600 a month.
To clarify, lets go over the reason why the minimum short term monthly savings would be at least $600. This is due to the fact that the household will have $400 monthly electricity cost by financing solar panels, compared to a $1000 monthly electricity cost of an electric bill. The difference would add up to $600.
This is without even considering all the extra future savings once financing is paid off. Once your finished paying off the financing for the Once financing is paid off, you will be saving even more money.
The amount of money you will be saving every month at that point is based on however much your electricity bill would have been if you were still paying an electric company. As a result of your solar panels, you will be saving the total cost of what your electricity bill would have been once financing is paid off.
Example 2 of How Much Money Solar Can Save
Let’s consider a household that is spending $450 a month on electricity.
If this household can generate the same amount of electricity by financing solar panels for $250 a month, the minimum short term monthly savings of this household would be $200 a month.
Solar panels don’t require years in order for them to start saving you money. They can start saving you money right away. As a matter of fact, you can quality for solar installation in Los Angeles for no payments at all during the first year! That’s right, you won’t have to pay a penny for the first year at all. Your first year of installing solar panels could instantly save you all the money that you would have otherwise spent on electric bills.