Using solar panels, you may produce your own renewable energy to power your house and heat your swimming pool, allowing you to save money in the process. The efficiency of solar electricity has increased significantly throughout the years. The initial cost is more than standard electrical line installations, which some individuals are reluctant to commit to. However, what if you could obtain an idea of how much money you might save by switching to solar power?
How Much Can You Save from Using Solar Energy?
The US Energy Information Administration (EIA) estimates that an average home uses 887 kWh and spends around US$115 a month on energy. Electricity generated by solar panels with a surface area of 2 square meters per month may reach 45 kilowatt-hours (kWh).
A total of 8,000 watts per hour may be generated by 20 solar panels, each producing 400 watts per hour. A family may save $1,384 a year if enough solar panels are installed to meet the average monthly power demand. In 2015, the typical home in the Philippines used 248.1 kWh of electricity, most of which was used for lighting, cooking, entertainment, and cooling. To fulfill the specific demand in the Philippines, a family with six (6) panels would be required to employ the same model.
How much money can you save by installing solar panels in your home?
A typical family consumes 10,649-kilowatt-hours of power per year (kWh). A typical American household will spend $1,450 a year on power alone if current national electricity rates ($0.1360 per kWh) are considered.
Considering the fluctuating nature of power costs, you must then calculate what utility company rates will be in the future. The price of power in the United States has risen by around 2.2 percent each year over the last decade. Inflation in utility rates is one more reason to go solar, as you can lock in your energy bills with a rooftop photovoltaic (PV) system at a fixed rate.
There's a direct correlation between the number of solar panels you need to ensure a certain percentage of power generation and whether or not your solar PV system can totally offset your use. The only expenses connected with a solar system are the installation charges and any additional power prices due to solar's nature as an up-front investment.
With solar panels, do you still have electric bills?
There is a widespread fallacy that your electric cost would be eliminated if you install solar panels. As long as your home is linked to the grid, you will continue to get an electric bill from your utility company even if you have installed enough solar power to offset your energy usage entirely. When you consume electricity from the grid at night, you don't have to pay extra for it because of a regulation known as net metering.
Yes, even if solar panels are installed, you will still be billed for electricity. Net metering credits may be shown on the statement, but you may not be asked to pay anything. It's very uncommon for your utility company to carry over any unused bill credits to the next month if you're generating more power than you're using. On the other hand, installing solar panels will almost surely result in cheaper monthly power expenses on average.
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