How Much Can You Save On Solar Power?

January 26, 2023


Solar panels have environmental benefits, but they can also help you save a lot of money, depending on your location and other factors. Several factors influence the overall cost and savings of solar panels. Over the past few decades, solar installations have grown in popularity as more people realize how using solar energy can lower their carbon footprint and their monthly electricity bills.

Discounts, however, will differ significantly depending on the product, the location, and many other variables. Get assistance from professional solar panel installers for your commercial and residential solar panels. In this blog post, we will discuss some essential points to help assist you in estimating your household savings when deciding to purchase a solar system.

Can You Save Money With Solar Power?

Solar systems do save you money, to put it simply. The amount you will save, however, will depend on various variables. The amount of daily direct sunlight, the size, and the slope of your roof are all important factors. Still, local electricity rates will significantly impact how much money solar can save you. How? Well the more you pay for electricity, the more you can save by using solar energy.

Nowadays, with so many trendy solar system investment opportunities available, it’s easy to be skeptical of new products that promise to “save you tons of money.” Saving money by lowering your electricity bills is one of the primary appeals and selling points for solar as a product and home improvement. Solar panels are no different.

How Much Money Can You Save?

Recognizing your solar savings begins with figuring out how much you currently spend annually on electricity. For example, the average Canadian household uses 11,135 kWh of electricity annually. You can calculate how much a typical Canadian family spends on electricity alone each year by multiplying that by the country’s average electricity rate.

The only costs related to a solar system would be the installation and any additional electricity costs if your panels do not entirely offset 100% of your electricity use. This is due to the upfront investment nature of solar.

You can calculate how many solar panels you’ll need to secure that percentage by calculating how accurately you size your PV system, which will largely determine whether or not your system will be able to completely offset your electricity needs.

Also Read: 4 Grants And Incentives For Businesses To Go Solar

Factors That Affect Your Savings

Consumers can typically save a lot of money by switching to solar power. You can determine your household’s potential savings by taking these critical factors into account.

Local Energy Prices

A utility company’s electricity prices vary greatly from region to region and have only risen over time. You can begin your calculations by looking at your neighbourhood’s power prices.

Quantity, Effectiveness, And Type Of Panels

Different panel types, manufacturers, and solar installation companies have different prices. We urge you to compare and contrast your options to find the best fit for your home and ascertain the actual production figures a solar system could provide. If you want to install a solar system at your house, you should compare the best solar panel companies.

Net Metering

Your monthly energy bill will be further reduced if your utility company has a net metering program that enables you to sell back any extra electricity you don’t use. Your savings will vary greatly depending on where you live and which power company services your area.

Climate And Typical Sun Exposure

Your panels’ ability to produce power will be influenced by the number of daylight hours and the local climate. A system that receives enough sunlight will produce electricity consistently and effectively. Solar panels produce energy regardless of the outside temperature. Still, they perform best when it is sunny and bright outside and can lose some efficiency if it is cloudy or rainy.

About Sundawg Solar

Sundawg Solar is a Saskatchewan-based renewable energy provider. Off-grid solar power systems are among the many solar systems we offer. We are committed to upholding environmental purity and protecting it for future generations. Learn more about Sundawg Solar.

Looking for experienced solar panel installers? Contact us today.