Do you know how much money you can save by switching to solar power?

We all know that using Solar panels can save you money, but the amount that people can actually save has dramatically changed over the years, sometimes as high as thousands or more in total.
A recent study shows that switching to Solar Power can not only reduce utility costs significantly for the user itself, but it can also influence a decrease in wholesale electricity prices altogether.

The researchers from Carnegie Mellon and the National Renewable Energy Laboratory (NREL) have published a study that found that people in California, who installed solar panels in previous years, have saved between 650 million and 730 million dollars in electricity bills, for years between 2013 and  2015. This is a gargantuan amount considering that we are talking about a short time span of only two years, and only in a single state out of 50.

The paper titled “A retrospective analysis of the market price response to distributed photovoltaic generation in California”  focuses on wholesale electricity market in California and finds a direct correlation between increased usage of solar power and the reduction of wholesale prices of electricity per kW/h.  This is not a surprise, but merely a  proof of a slow but steady change in the gap between demand and supply for distributed electric power. Simply said, when each company or a homeowner, installes solar panels on their roof, it immediately reduces the amount of the electricity that they need, which in return causes a drop down in wholesale electricity prices.

How can using solar panels help homeowners and companies to save a lot of money?

When you decide to make a change and go solar by installing panels on your roof you are not only reducing your monthly utility bill by decreasing the amount of electricity that you will need, you are also helping reduce the wholesale price of electricity in your state.

In this way you are saving double :

1) On electricity that you don’t use from the grid

2) On electricity that you still use from the grid, but with a reduced price.

As this paper showed, by applying this saving policy, California residents, in the end, saved more than a 630 million dollars on electricity purchases.

The southern States like Texas are ideal for saving money  from Solar Power

Although this paper is location based (California), this is by no means an isolated case, residents in all States extremely benefit by installing solar panels into their homes.
In fact, this study also found that the most significant amount of savings happened during the peak of the heat period in the Summer, in hours between 12-1 pm and following.

This shouldn’t come as a surprise if you consider the heat waves and high temperatures, that lead to increased, if not a constant usage of air conditioners in this period. Higher temperatures mean an increase in demand for electricity during the day, resulting in higher prices,  but with the usage of solar panels, that statement is now reversed. With solar panels on your roof or your property, you are making the scorching Texas heat work for you.

That is why Texas is one of the ideal states for homeowners who want to use solar power systems to save huge amounts of money on their utility bills.

How much can I save if I install solar panels on my roof?

“Installing rooftop solar panels can help homeowners save up to 100$ -120$ per installed kilowatt” -This study shows.

For individual homeowners and private companies, this 650-730 million dollars in savings roughly translate to 100 -120 dollars saved per installed kilowatt(KW)  of rooftop. This is the minimal amount of savings per month because the study also shows that the average power of solar system installed on California houses was from 2 -10 kilowatts. This all translates on thousands of dollars in savings by switching to solar power, all depending on your individual energy needs.

Also, you must note that not only are you saving money in bills that you don’t have to pay ( for the energy you generate on your rooftop),  you also save money on bills that you are still paying by reducing the price of electricity ( as we explained above ). There are also other ways in which you can save, and even earn a significant amount of money if you switch from electrical to the solar power system.

Getting  Federal Solar Grants/ Federal Solar Tax Credits

The Federal Government would like to encourage solar installs, because of the numerous benefits that it provides not only for the end user but to the community and the environment itself. With climate change and the global warming being a constant threat to the environment and to our way of life, the urgency to embrace clear, green energy is stronger than ever.

That is why, the Federal Government is offering great financial benefits in the form of Federal Solar Grants and Federal Solar Tax Credits, for all Home and Business owners who decide to Go Green and to reap the benefits of using Solar Power System.

You can save up to 30 % on solar panel installation costs using Federal Solar Tax Credit, and on top of that, you may even qualify for one of several grants available for solar installs.

If you want to find out more details on how this system works and are you eligible for any of them, you can find more useful information on our Federal Solar Tax Credits and Federal Solar Grants pages.

Improving your home with Solar power will Increase its value

Improving your home’s value is a very important factor, and one you shouldn’t lose from your sight when you are deciding if Solar Energy is the right investment for you. By upgrading your home to solar power, you will also significantly increase your property’s market value at the same time. With this one simple solar installation you will not only save money, but you will also make your home a more valuable to prospective buyers.

All of these reasons, together with millions of people worldwide who are already using solar power, are a clear sign that Going Solar is the safest, most affordable way into the future, both for you ou and for your family. Unless of course,  you are one of those people who enjoy paying large bills and wasting their money.

If that is not the case, and you would like to know more,  you can always find informative articles on our Blog page. Or if you are tired of reading and want immediate action, you can contact us here.

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