How Much Will My Average Monthly Electric Bill Be with Solar Panels?
Solar panels are a great idea if you want to save on electricity bills and enjoy the convenience of producing your own energy. With the cost of electricity rising by 3% every year, you can reduce your average monthly electric bill with solar panels. Read on to find out more about how much you can expect to pay in electricity bills once you install solar panels in your home.
Factors that Determine Your Average Monthly Electric Bills with Solar Panels
The average family in America spends about $1500 on electricity a year. Therefore, a solar panel that covers all your needs can lead to $100 cost savings. However, the average monthly electric bills with solar panels vary from one household to the next depending on factors like your household energy consumption, the size of your installation, as well as local electricity rates.
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Energy Consumption
Your household’s energy consumption will determine your monthly electric bill with solar panels. In the United States, the average electricity consumption is 897kwh. Before installing your solar panels, establish how much energy you consume. Doing so ensures you install a solar panel system that can adequately meet your needs. Having a solar system that covers 100% of your needs, you can reduce your energy consumption and pay much lower monthly electricity bills.
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Electricity Rates
Electricity bills depend highly on your local electricity rates. The current average monthly electric bill falls at $113.20. Note that most utilities also carry a fixed charge of $10-$30 separate from usage chargers. With a solar panel that covers all your needs, you can reduce your average monthly electric bill with solar panels from about $120 to $20-$50.
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Size of Installation
The size of your solar installation dictates your home energy production. Residential solar panel systems usually range between 5kwh to 10kwh. With a 5KW system, you can produce at least 8000kw annually. Other factors that may determine your energy production include the amount of sunlight you get and the direction and angle of the panels. Therefore, your energy production may be higher or lower.
While your average monthly electric bill with solar panels depends on more than one factor, you can still lower your electricity bills. A place like Las Vegas with lots of sunshine can generate a lot of solar energy to keep your household going and less dependent on electricity. For solar installation services in Nevada, contact Cooper Roofing and Solar for a free estimate today!