KompareIt > Home & Garden > Solar Panels > Solar Panel Savings

How Much Will I Save With Solar Panels?

The amount of money you are capable of saving by switching to solar is significant. It is best to estimate your savings as there are a variety of factors that come into play including: whether you purchase or lease your solar equipment, how your residential or commercial dwelling is physically situated in relation to the sun (do you have a south-facing roof) and how energy prices fluctuate.

Many calculators use a twenty year savings idea as it is common to take between 5 to 20 years to pay off your solar panels and inverters. On average, expect to realize between 20K to 35K in savings or up to 65K if you happen to live in Hawaii.

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Save Between 50% to 90% of Your Energy Costs

On a monthly basis, even while you are absorbing the cost of the loan or purchase agreement, many residential and commercial customers are capable of saving at least half if not the majority of their energy costs. Solar energy solutions put money into your pocket as soon as they are up and running for the majority of customers. Many find that their lease or loan payments are lower than their current monthly energy bill! For instance, if on average you are paying $400 in energy bills monthly, solar panels would drastically bring that amount closer to $200 each month. This equates to saving airfare to some exotic location every year or approximately $2400!

Inverter Selection

Taking into account your maintenance costs will drastically effect your bottom line. Solar inverters are an essential component of the system. The energy from the sun that has been absorbed by the solar panels produces direct current or DC power. Solar inverters are required to make the transition to AC power. they also relay panel conditions on your system, offer grid detection and are capable of tracking maximum power. There are different types of inverters available: Micro Inverters, String Inverters and Power Optimized String Inverters.

Micro Inverters are more expensive overall and require more maintenance as they are attached to each individual solar panel. However, this makes any repairs simple and easy as you know exactly which panel is under producing or in need of a fix. String Inverters are less expensive and connect a variety of panels; however, they may contribute to less efficiency if a group of them are in the shadows for some time. Power Optimized String Inverters help to divide the solar panel so it is not all connected simultaneously in a series.

Estimates to Determine Overall Cost

It is extremely helpful to have a few reputable companies deliver quotes so that you can see the variety of options and how they will determine your overall savings. Each company offers different maintenance and payment options. Perhaps you can install the panels yourself or you may possibly void the warranty by doing so. Find out the details on an individual basis to see which option will best suit your energy requirements. Feel good about saving cash and saving the planet at the same time!

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