We install solar panels in Phoneix. Solar panels kill two birds with one stone! Not only are they great for the environment and support a more sustainable future, but they also serve as an excellent financial investment. In merely a few years, your investment can pay off, and your home can expect some sizeable returns that will shave your utility bill by hundreds or even thousands of dollars in the long run! Over the 30 years of your solar panel’s working life, substantial savings are imminent, but how much is subject to several factors. Please continue reading to learn more about these factors and how we at Solar Panels Express are the best choice to install a solar system that will help you take the first step towards great returns and savings for your Phoenix home!
Do Solar Panels really save you money?
To answer this question directly, yes. The main factors contributing to generating more income/savings would be hours of direct sunlight, the size of your roof, and local electricity rates. Data collected in 2018 across 25 prominent U.S. cities places Phoneix in 6th place for annual solar savings. On average, homeowners can save around $700 per year using only a 5kW system.
How much money can you save?
There are multiple factors to consider to understand the answer to this question properly. Firstly, we need to determine your annual electricity bill. In Phoneix, the average residential electricity rate is 11.96 cents/kW. With Arizona averaging 1061 kW of electricity per month, the average Phoneix household on electricity is estimated to be over $1500 a year. (Annual average electricity (1061*12=12732kW) multiplied by Phoniex electricity rate (0.1196))
The second element to determine to understand your potential savings is the utility inflation rate. According to the U.S bureau of labor statistics, the prices of electricity have risen by 2.2% over 12 months as of December of 2019. This inflationary rate is another great incentive to make a prompt switch to solar energy. When you generate your energy with a rooftop PV system, you’re locking in energy costs at a constant rate, so you eliminate variable utility rates; that is only projected to rise. Solar is an upfront investment; the only costs associated with it are the cost of your installation and marginal electricity costs in the event that your panels do not entirely cover 100% of your electricity bill.
Using some of the data and numbers given above, we can easily extrapolate the savings over a 20-year time frame. Using a 6kW system, costing around $15,000, and factoring in current utility inflation, the electricity rates, and 96% electricity requirement met by panels, Phoneix homeowners can save anywhere between 23 to 28 thousand dollars. This figure is also considering the federal solar tax credit, which you can read more about on our website.
Are you interested in going Solar?
Ultimately, regardless of whether you’re looking at finances or carbon emissions, a solar panel system will generate significant savings for homeowners in Phoneix, nicely complimented by our months of the never-ending sun!
Going solar can be complicated, and the most efficient way to ensure an affordable, high-quality installation is by using Solar Panels Express! Our mission to provide reliable and affordable solutions to our customers based in Phoneix. Contact us today, and we will get in touch with you to design and install the most suitable system that will address all of your needs! If you want to shave hundreds off your utility bill and start to enjoy the financial incentives of using solar energy today, please reach out to us!