How Solar Panels Save You Serious Money

When it comes to the question of whether to install solar panels on your home, the first thing most will ask is “do they actually save you money”. The one-word answer to this is undoubtedly, “Yes”!

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But of course, to find out exactly how much you'll be saving by 'going solar', things are a little more complex. As you would expect, the amount of money you can save, versus the amount it costs, versus the amount of time it takes to get a return on your investment, invariably relies on many factors. It’s influenced by basically everything from your location, to the size and type of roof, and type of system you're looking for. You can even find that 'going solar' is better in some states than others.

So what will it cost me?

There's no two ways about it – solar energy is a great idea both for the environment, and for the pocket. But to really find out how much you can save in the mid-to-long-term, you need to know what it really costs. It's actually this issue that tends to scare many homeowners into not going solar at all.

The biggest reason you'll be saving money, is shining right there in front of you. It's sunlight! It's free, it's never-ending (at least for another million or so years) and it means that even on cloudy days, you'll be generating electricity for your entire home – and paying the bill companies nothing at all!

How exactly do I save money?

There are three big ways you'll be saving money if you decide solar is right for you:

  • Like many technologies, the actual cost has reduced significantly over the years. As demand for panels goes up, so too does the number of companies creating and installing them – meaning overall cost of production goes down.

  • Many states offer great incentives – such as tax-breaks – to homeowners looking for a solar solution. Therefore, not only lowering the cost itself at the outset, but making things much more affordable in the long-term.

  • Finding a good solar solution for your home, doesn't just mean taking pollution down to zero. With the 0-Down program and the new Power Purchase Agreement (PPA), homeowners can get a full residential PV system installed with zero down payments! So you'll be saving money right from the start!

So how much money will I save?

Well, it goes without saying that every household and homeowner is different. Different needs, different aims, different lifestyles and different budgets. That said, recent research and studies show that on average, customers using a 5kW solar PV system, save between $44 and $187 every month for the first year of system ownership. Of course, you'll get a more accurate estimate if you speak directly to a provider or installer, but that's a pretty sunny start, right?

If saving money isn't enough for you, and you want to make money while you're at it, then there are some great options open to you. Many utility companies will happily buy unused energy that your system generates, back off you.

And if you don't fancy paying for your panels? Well, why not lease them to a company who will pay you for your roof space, selling you back the energy generated, for a fixed, locked-in, 'cheaper-than-mains' price?

Sure, getting solar panels installed is a decision that needs a little thought and research at the start, but it's an investment that can and will save you money, and pay big dividends in the mid-to-long-term.

Looking for the perfect-fit solar-solution provider? Here are some bright ideas that offer a fantastic mix of great savings and top service:

Sunrun is a residential solar specialist with over 17 years' experience of high-quality custom solar installations. They're not about a one-size-fits-all approach and offer a variety of affordable ways to pay, along with lifetime support. Learn more, read the Sunrun review >>

Solar City Their coverage is the best in the industry, with any future repairs, and a production guarantee at no additional cost. They pride themselves on no-upfront costs, with no hassle. Learn more, read the Solar City review >>

Wholesale Solar offers great discount, retail and wholesale pricing on solar panels and renewable energy products; designing and selling renewable energy systems for projects large and small. For installers, contractors, and DIY'ers alike. Learn more, read the Wholesale Solar review >>

To see all the options available to you, check out our easy-to-compare list of the leading solar panel companies.

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