It is important to know the total cost of solar energy over 20 years, including the environmental benefits, risks, and, of course, savings!
It’s hard to comprehend the total cost of solar energy over 20 years, but what if you had to pay a monthly utility bill for electricity? The average American household spends about $150 on their electric bills each month. If you were able to save that money by going solar, it would add up to be about $18,000 in 20 years! That’s enough for a down payment on your dream house or car. Just think about all of the things you could do with an extra $18k!
Why is energy so valuable?
Energy is valuable because it is the most accessible and universally used form of wealth in the world. Aside from food, shelter, and water, energy is another crucial element to our basic human needs. There are so many things that are difficult to come by, but energy is everywhere – it is abundant in our natural resources like sun, water, and air. We need energy to pump water, power our cars, light our homes, power computers, and even purify water. Most of the nations of the world can use about 1/10 of the energy they currently use, but a majority of them do not use the energy they already have. By deploying solar energy, we can maximize the amount of energy that we use on a daily basis. And because solar energy is free, it’s an incredible investment.
Benefits of harnessing energy from the sun!
Solar PV panels convert the sun’s energy into electricity and help save money on your electricity bill. Solar water heaters are another innovative idea that may be able to save you money on water heating costs and have less of an impact on the planet. If your home is facing south and you can buy panels that will rotate with the sun, it could be a great idea; it would also maximize your energy production and maybe give you a better view. As you can see, a solar energy system is a wonderful opportunity to save money and protect the environment. It will save you money on your electric bill and even make the air cleaner because energy generated from solar doesn’t emit any carbon emissions. Solar energy is the perfect way to lower your electricity bill and start conserving enegy!
The Total Cost of Solar Energy over 20 Years
Remember, you still need to factor in utility companies, insulation, tax credits, roofing, permits, energy upgrades, etc. If you were able to reduce your yearly electric bills by 10%, you would save about $2000 to $3000 in the first year. Over 20 years, it could add up to $6500 – $7500 in savings!
If you are putting solar panels on your roof and making the investment now, you will receive full-cost savings for the first 5 years. When you include the taxes and additional costs for insurance, maintenance, etc, you’ll likely be getting your money back in the form of lower utility bills after the first 10 years. The rest of the 20-year payback will come from avoided utility bills, lower operating costs, and depreciation.
Solar – is it a risk?
Do you think an investment like solar is too risky? You don’t have to put everything on a credit card. Most homeowners start with a small portion of money as a down payment to buy a system for their house. If they decide to sell, the solar will increase the value of the home!
If you want to go all in, start by seeing a local solar company. Let them explain how the process works and what type of system will work best for your home. Find out what type of solar equipment is best for your property, and get price quotes on that. As you go through the process, you can start researching the best savings and highest energy production to get the best value. It doesn’t hurt to read up on what solar panels cost!
The solar industry still has a lot of ground to cover, and is getting more competitive by the day. Though it’s been a long time since we’ve seen this much excitement in the energy sector, we can think about our future with hope – it looks bright!
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