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Considering Solar Panels To Reduce Your Electricity Bill? These Are Some Factors You Need To Consider First.

You might be wondering why we’re even talking about solar panels.

 

Revenue is what defines the difference between success and bankruptcy of a business. Money is, in essence, the consumer’s way of voting for a particular brand, product, or movement. The same can be said when consumers choose to invest in solar panels.

 

Of all green energy sources, solar power is the one that seems to be the most practical as an alternative source of energy. This is because solar energy is readily available, thanks to the sun and it can be easily harvested through solar panels.

 

It’s been decades since we began using solar panels and the technology has come a long way. It’s because of these developments that we can even consider the possibility of powering the average household purely on solar energy. Solar panels are more affordable these days, and modern iterations are much more efficient than previous models. As a result, today’s models are more likely to save you money as long as you weigh the following factors:

 

 

Your Average Power Consumption

 

The average American household consumes about 909kwh per month, with Hawaii consuming the least at 515kwh per month, and Louisiana consuming about 1273kwh per month. As you might also correctly have guessed, the less electricity you consume, the fewer solar panels you’re going to need in order to power your home. However, it’s really not that simple considering the fact that not all solar panels are the same.

 

 

The Solar Panels In Your Home

 

Some solar panels are more efficient than others. They come in many types and they also vary in terms of pricing. In general, newer solar panels are more efficient and they also cost less than older models. The more efficient a panel is, the fewer panels you’re going to have to install on your roof, which also means spending less money.

 

 

The Cost Of Each Solar Panel

 

Another factor you have to consider when deciding if you can power your house purely on solar energy is the cost of all the solar panels you need in order to generate enough energy to power your household. It should go without saying that if you’re not able to generate enough power to support your electrical consumption, you might have to relinquish use of some of your appliances such as your water heater, electric stove, or microwave. This is because heat-generating appliances consume a lot of electricity.

 

So, again, you have to determine how many solar panels you need in order to generate enough power to support your household, and you also have to account for the cost of this endeavor and whether or not it’s going to be more cost-effective compared to simply getting electricity through your grid.

 

 

An Alternative

 

On the other hand, you don’t necessarily have to buy your own solar panels in order to power your home with solar energy. There are many renewable energy plans like the ones from Chariot Energy that provide households with on-grid solar energy. You can think of this as a typical power plant that supplies electricity to households that are connected to its grid except that it is supplying solar energy instead.

 

Depending on the factors listed above, installing an array of solar panels may or may not be an effective way to save money on your electricity bill. Additionally, you should treat solar panels as a component of a power-savings plan, rather than the main means to lowering your electricity bill.

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Sherry of Save. Spend. Splurge.

Am my own Sugar Daddy. Am a millionaire at 36 after getting out of $60K of student debt in 18 months, a little over a decade earlier, using TheBudgetingTool.com. I have worked 50% of my career (taking 1-2 year breaks), and quadrupled my income within 2 years of graduating, going from $65K to $260K with an average lifetime savings rate of 50%. I have 11 side incomes that are on track in 2020 to make me $50K - $75K. I could retire today if I wanted, but love my work-life balance as a freelancing consultant in STEM (Science, Technology, Engineering, Math). I am all about balance - between time and money, and also enjoying my money. I also post daily on Instagram @saverspender.

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