The average monthly electricity bill for an American household ranges from a low of $92 to a high of over $150 depending on demand, consumption, and price per kilowatt hour across states. Indeed, energy is a significant expense item for a home. The good news is that solar power can become a viable alternative in order to reduce monthly energy bills. It offers several advantages, including lower electricity costs, fewer unpredictable price increases, and sustainable lifestyles.
Energy Bills And Price Protection
One of the main reasons to go solar is that you can drastically reduce – and perhaps even eliminate – your electric bills. With solar power, you’ll be able to generate electricity for your needs during your system’s 25-year life cycle, which is the average lifespan for solar systems. Even if you are not able to produce enough power to be self-sufficient, the existence of a solar system will lower utility bills and save you money in the process.
Experts at freedomsolarpower.com say that solar is the fastest growing global power source, and for decades now, solar panels have been getting better and cheaper. There are also several state and federal incentives that make it more enticing to invest in a solar panel system. Returns from investing in such a scheme are comparable to putting money on stocks and bonds. With the substantial electricity bill savings that you earn, you’ll be able pay off your system in seven to eight years with a return of investment (ROI) of 20% or more, according to Energy Sage.
Another direct benefit of installing solar power is its ability to protect your household from unpredictable price increases. By producing you own energy, you eliminate the risks of fluctuating energy prices. Even if you don’t own your system because you’re financing it through a loan or lease, your expense is predictable and consistent.
Property Appreciation And The Environment
Several studies indicate that solar rooftop panels can increase the value of your home. According to Zillow, it can boost values by up to 4.1% or the equivalent of an extra $9,274 compared to homes with no solar panels. Furthermore, there is an increased demand for green homes, making a property with a solar system more attractive than a house without one. Prospective home buyers put a premium on green living, in addition to future energy savings. Houses that consume a lot of power will stand to gain from solar energy, and are therefore worth the extra money paid upfront by buyers.
Installing solar panels in your home has many benefits. It reduces electricity bills, saves money, protects price increases, boosts home values, and promotes green lifestyles.