How Much Can You Save With Solar Panels

Many people who install Edmonton solar panels on their homes want to know how much they can expect to save. This depends on many factors.

–       How much you are paying for power right now? Let’s pretend your power bill doesn’t go up for the next 25 years. (ya right!) You currently pay $170/ month. Over twenty five years that’s $51,000. Given to the power company, with no return.

–       How much you will be paying for power in the future? Most solar systems last approximately 25 years. Rates can increase significantly in 25 years. Let’s say for example the rates increase at 5% every 3 years. Now the dollars paid to your power company increase to approximately $60,000. However, a 5% increase over 3 years is a very conservative estimate of rate increases. Let’s say power rates increase at 5% every year. You’re now looking at  closer to $100,000.00 handed over the to the utility company. That’s alot of money and it’s a realistic figure based on the average power usage and projected rate increases.

How Much Can You Save With Solar Panels

–        How  much power are you using? A lot of utility companies now have a tiered system where once you use a certain amount, you’re then charged a higher rate per Kw for all usage above that threshold. If you install a partial solar system to eliminate the overage into the higher rate you could save quite a bit with a relatively small investment.  The best way to figure this out is to examine your power bill and see what your particular company charges at the higher rate. For example if you’re currently using  8Kw of power and see on your power bill the threshold is 4Kw. You’ll want to offset 50%. Let’s say a 4Kw system runs you $36,000 (there is a wide range of prices, please see your local solar panel dealer for a quote). You could potentially save upwards of $50,000 over the lifespan of your solar panels.

–       What size of system you plan to install? Do you plan to install a small system and still use power from the utility company? Or would you like to go big and never pay the utility company again, or better have them pay you for energy you collect?

–       What kind of rebates are available in your location? Speak to your your Grande Prairie solar panels dealer to find out more information.

Overall average savings

The annual saving per year per household after installing solar panels on the roofs of their house is $1000. But that’s not the best part! $1000/year savings is after taking account the cost of the solar panels. Not to mention you’re protecting the environment.

Thanks to Solarcor Energy for helping explain how much you can save on solar panels.