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There are many reasons you may be considering solar panels for your home or business but one of the most popular is the savings you may get from their installation and use. Many people are concerned that they won’t be able to get solar panels for either their home or their business without a large up-front cost. Luckily, these days there are many options that can help you get into this better-for-the-environment, sustainable energy.

solar panel installed in a residential house

Residential Solar Panel Installation

With a large number of products and gimmicks touting their ability to save you money, it can be easy to speculate if solar panels will actually do so. Without listing out numerous details and numbers, the simple answer is that solar panels will absolutely save you money by reducing your electric bill. Exactly how much you save, depends on numerous factors. The angle and size of the roof, along with how many direct hours of sunlight play a roll of course, but so does the rate you typically pay for electricity.

How Much Can I Save in My Home by Installing Solar Panels?

When you are considering residential panel installation and how much savings you will see, you need to consider how much you spend on average on electric bills, if you heat with electricity, and what your company charges. On average, a household in the U.S. uses about 11,000 kilowatt-hours or kWh. The national average rate is $.1287 per kWh, which means on average an American family will spend $1,400.00 a year on electricity.

This doesn’t take into fact that electricity prices are volatile, and what kind of inflation they might consider. Over the last decade, the average increase has been 2.2% a year. As a homeowner, there are many ways you can take on the cost of getting solar panels for your home and many programs that can help you get more efficient. This can offset your yearly savings so you don’t have to offset it against as many years to see a substantial savings.

How Much Can My Business Save by Installing Solar Panels?

When it comes to getting solar panels for your business, you may not have as many programs available to you to offset your installation cost so you can see your savings more readily. You will, however, see savings on your electricity bill quickly. These savings will also depend on how much you are charged, how much electricity you use according to your business, and the fees assessed based on where you live. Other variables to consider include how many solar panels, the pitch of your roof, and the amount of direct sunlight you get. These factors will all combine to give you the savings you are looking for.

Consider Commercial Solar Panel Installation

Your business can reap an additional benefit of installing solar panels. In addition to the savings you will see, your business will be leaving a smaller carbon footprint. This is an excellent marketing advantage because the growing population wants to do business with businesses that are increasingly environmentally friendly.