How Does Solar Save Me Money?

Solar energy is the newest source of energy that is trending with many people investing in it. It is said that solar energy saves tons of money. Do they? Is solar worth investing in? 

Saving money by reducing your electricity bill is possible by cutting down the amount of energy you use in your home or business. Contact Solar Panels Express to allow yourself the pleasure of saving money by creating a natural source of energy able to power your home. 

Solar power can dramatically reduce the running costs of your home. But to find out how much money you can save with solar power look at the following considerations. 

There are several factors to consider: 

  1. Your average energy consumption. By looking at the last page of your power bill, you can be able to determine how much electricity you use. The amount you use displays in (kWh) Kilowatt-hours. This is the first most critical step in determining how much you can save with solar power. Your consumption also determines what solar power system can meet your needs. 
  2. Where you live. Your geographical location is a direct influence on the energy production of your solar power system. It also dictates how much you can save. Where radiation is stronger, you can install a 2kW system while in a region with less solar radiation, a 3kW will be a great investment for the same results. 
  3. Usage patterns. The solar power system produces electricity during daylight hours. Any excess generated energy is fed back to the grid unless you have a solar battery to divert the energy to. Your solar energy provider is right to credit you for the export of power. This credit helps you offset your power bills. 
  4. The size of the solar power system you want to install. The size of the solar system has a direct impact on the amount of money you can save. It is important to choose a system that is large enough to cover the power usage. Alternatively, installing a system that is too large means you will be exporting a surplus of power back into the grid. Feed-in tariffs are lower; so you can sell power back to your energy provider for less than the costs of the electricity rates. Finding a solar system that suits your consumption and property size is key to saving money. 
  5. Your feed-in tariff rate. Most customers who sign up for solar energy with their energy provider are offered a rate of 8c/kWh for power that is fed back to the grid. Always shop around the tariff rates on offer and secure only the best rates. Feed-in tariffs normally vary from state to state so be sure you have the right figures before you start looking at your savings. 

Take home

In general, the more PV solar energy you produce, the less electricity you will have to buy from the utility company. This means you will start your energy savings immediately after your system is activated.