Calculate Your Savings with Solar Energy

instructed with solar panels instead of electricity grid can save money over the long term homeowners and businesses. Although solar cells often expensive to buy and install, they can be kept low, which means that the owners pay little or nothing to draw power from them. In contrast, those who draw the power from the mains usually pay utility company every month, based on the amount of energy.

calculate exact savings of solar cells obtained depends on several factors. Multiply your average monthly electricity bill by expected lifetime of your solar panels. This number indicates how much would you pay for electricity if you have not purchased solar cells.

Calculate Your Savings with Solar Energy

Most solar panel manufacturers will provide estimate of how long their products will last, which you should calculate in months. To get accurate estimate of your average monthly electricity, take numerical average of full year’s worth of bills to account for energy use in both warm and cold weather. Subtract from this number cost of purchasing and installing solar panels.

Although some people choose to install solar panels themselves, most individuals without technical experience choose to hire professional for process. In nearly all cases, this number will be smaller than number calculated in Step 1. Subtract expected lifetime cost of maintaining solar panels.

This can be tricky number to calculate since it’s difficult to estimate repair and maintenance that panels will require accurately, as well as cost of these procedures. Try to gather as much information from manufacturer as you can about what kind of upkeep can be expected. number you calculate in this step represents your total savings on solar panels before tax credits. Add any tax credits that state or federal government awards for installation of solar panels.

federal government, as well as many state governments, will often allow owners of solar panels to claim credit on their taxes. Whether credit can be claimed and exact amount of this credit depend on current laws. Adding this number to number calculated in Step 3 will represent total savings you will receive from drawing your energy from solar panels.

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How to Calculate Your Savings with Solar Energy

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