How to Determine Your Solar Savings
When homeowners hear solar savings, they have expectations that they’ll instantly be flush with extra cash. However, solar panels take time to acquire energy from the sun and produce energy for your home. This means that as more time goes on, homeowners will start to see more solar savings with reduced or completely eliminated electricity bills. Within months, you’ll begin to see your investment paying off and within years, a solar system can completely pay for itself. Consider the following ways in which you can determine your solar savings with a new solar system:
Use a Cost Calculator to Determine Solar Savings
A free cost calculator can help you to predict how much you will save by switching from electricity to solar power. Generally speaking, a solar cost calculator can take into account geographic data, shade homeowners experience and monthly electric bills. Using this data, a solar cost calculator will produce a general idea of what you can expect in solar savings. This is a great first step to determining whether a home is a good candidate for solar panels and it also provides a great benchmark for determining solar savings as time progresses.
Keep Close Track with Net Metering
Most homes that are solar powered are connected to the grid via net metering. This is a system of billing that keeps track of homes’ utility meter to determine the amount of energy produced. The electricity homeowners’ solar panels generates is recorded in net metering and the solar savings are reflected in monthly electric bills.
Generally, homeowners can generate enough electricity to avoid paying an electric bill. These savings can add up significantly for homeowners used to paying hundreds of dollars in electricity every month. If solar panels produce more energy than is actually used, then that energy is sold back to the grid and the electric company will reimburse homeowners for the extra power. A check every month can be a great way to keep track of the cost savings from switching to solar power.
The initial investment in a solar system can be daunting for some homeowners, but as they begin to see their solar savings for themselves it’s clear they made a smart investment. Becoming energy neutral and paying nothing to your electric company is a great feeling, but as time goes on, your solar panels will pay for themselves and that is an amazing feeling.