Solar Power: How It Can Save You Money

As the cost of electricity continues to rise, more and more homeowners are starting to see the benefits of going solar. Not only is it a great way to reduce your carbon footprint, but it can also save you money. With prices as low as 3.5 cents per kilowatt-hour (kWh) in some states, owning your own home solar power system makes financial sense if you have access to a roof that can support panels or other hardware. The good news is that there are plenty of ways to lower your operating costs while still taking advantage of the many benefits of a solar power system. Here’s everything you need to know about operating an off-the-grid system at home, so you can make the switch without breaking the bank…

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How Much Does Solar Power Save?

The amount of money you’ll save by going solar will vary based on many factors, but there are a few general takeaways. The first is that it doesn’t make sense to start solar if you live in a state with high electricity rates. Even in states with reasonably low rates, the cost of solar PV systems will still be significantly higher than utility rates. On average, homeowners can expect to reduce their electricity bill by 30% or more once they’re hooked up. More importantly, there are a wide range of benefits to be had from going solar. So-called ‘net metering’ laws in many states allow homeowners to use excess generated power back onto the grid, so you can even end up with a credit on your utility bill. Solar also significantly reduces your carbon footprint, so it’s a great way to reduce your household’s ecological impact.

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Installing Solar Means More Than Just Picking A Panel Brand

While it’s important to select the right solar panel brand, they’re only one part of the equation. If you’re going to make the switch to solar, you need to look beyond your roof and find the best way to power it. This includes everything from procuring necessary permits to matching your home’s layout to the right kind of wiring. Your solar panel choice is also critical, which is why we’ve dedicated an entire article to the many differences between solar panel brands. Beyond panel quality, the best way to save money on solar is to find a way to reduce the cost of your solar power system. Don’t skimp on installation quality or materials, as these factors often contribute more than 50% of a given system’s cost. And, if possible, consider financing your solar power system, which can save you thousands of dollars over the life of the loan.

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Don’t Forget About Incoming Utility Costs

Once your solar power system is in place and generating power, you’ll still have to pay for maintenance and improvements to your system. These costs can add up quickly and are often overlooked, particularly in off-grid systems. For example, if you use less power than you generate, you’ll need to invest in a larger battery. In addition, if you live in a very sunny area, you’ll need to replace your panels more often. Finally, there are also ongoing costs associated with monitoring your system and controlling power flow.

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Storage Basics

If you’ve ever seen a solar power system in action, you’ve probably noticed a handful of components that control everything from voltage and current levels to the flow of power. This is what’s known as a ‘controller’, and it’s responsible for managing the system’s output and protecting components from damage. Most off-grid and small commercial PV systems include a controller, but it’s important to remember that there’s no such thing as a free lunch. Controller costs are typically somewhere between 10% and 25% of the total cost of a power system. Beyond controller costs, you’ll also want to think about battery storage and inverter costs, as these factors can make a significant difference in your bottom line.

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Wrapping Up

Going solar can be a great way to reduce your electricity costs, boost your savings, and protect the environment. However, there are many factors to consider, including your roof and ability to access power, so it’s important to do your research before making the switch. Solar power is a great option for a variety of reasons, including its cost savings and ability to protect the environment. Whether you live in a high-cost area or you’re just looking to slash your energy costs, owning your own solar power system can be an affordable and rewarding solution.