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How Much Will My Electric Bill Be With Solar Panels?
Your electric bill will be much lower with a residential solar panel installed on your roof. Most homeowners say they are satisfied with their decision to install solar panels because they are currently saving 50-75% on their energy bills.
Some homeowners may not be satisfied with how much their electric bill is lowered once the solar panel installation process is complete. However, this is usually because they do not fully understand how much of an impact the new system will have on their monthly costs.
There are many factors that go into calculating your savings when it comes to solar panel installation, but there are some basics you can expect.
For example, if you own a home that takes up about 1800 square feet and you get 6 hours of direct sunlight each day, then you could expect your annual energy costs to fall between $130-$170 per month after installing panels.
How Long Does It Take For Home Solar Panels to Pay for Themselves?
Normally, it takes 6 to 10 years for a solar panel to pay for itself. The type of solar panel you purchase and how much it costs to install the system may affect when your panels start saving you money.
There are many different factors that go into paying off your solar panels in a reasonable amount of time.
For example, if you live in an area where sunshine is abundant (we’re looking at you, Arizona), then your solar panel installation could pay for itself faster than someone who lives somewhere with little sunlight (hello, Maine).
Do Solar Panels Raise Property Value?
A solar panel can raise the value of your property if you are looking to sell it.
Not only that, but new homeowners are more likely to buy your home if there is a solar panel on the roof because they know they will save money by using the energy produced from the new system.
There are many things that go into how much your property value increases or decreases after installing residential solar panels.
For example, some homes may not have enough sunlight for optimal energy production, while others may be in an area where the sun shines brightly on a daily basis.
How Can I Afford Solar Panels?
Solar panel installation has become very cost-effective over the last few years thanks to new technology and increased competition among companies creating the systems.
This has allowed a lot more people to take advantage of residential solar panel installation because it’s much less costly than it used to be.