Owning a home is objectively expensive–between mortgage payments, property taxes, and maintenance costs, it can feel like the bills just keep adding up every month. Purchasing (or renting) energy to power your home from a traditional electric company can seem like the easiest and only option to run your household.
With solar power only growing in popularity among American homes, the urge to go green and ditch your energy company is stronger than ever! Electricity isn’t free–but luckily, the sun is. Let’s break down energy costs compared between energy companies and solar power.
Startup costs are an initial investment, but your solar power system will pay for itself and save you money in the long run.
Electricity from fossil fuels costs between 5 and 17 cents per kilowatt-hour. Solar energy costs average between 3 cents and 6 cents per kilowatt-hour and are trending down, according to the National Renewable Energy Laboratory. Once installed, a solar energy system is easy to maintain and low in cost! Additionally, federal and state tax credits are available to most homeowners who install solar power systems on their residence.
Electric companies don’t give you control over your rented energy.
Think about the total number of power outages you’ve experienced, and having to put your life, job and responsibilities on hold while waiting for the energy company to fix the outage. With traditional energy, costs can also appear in the form of time–not just money. Installing a solar system helps protect your home from inconveniences associated with power outages, saving you time (and a headache) along the way.
For a home with an average monthly electric bill of $120, that household will pay a minimum of $58,231 in energy costs over a 30-year timeline.
That same household could slice that number nearly in half with solar power. Over 30 years, and after the tax incentives have been applied, those solar energy costs compared to traditional energy end up at around $29,836. That rounds out to nearly $30k in savings, just by investing in a solar power system and allowing it to repay for itself.
As with any homeowner’s costs, these numbers will vary slightly depending on location and the specific energy company. That said, it’s hard to ignore the immense savings solar energy can bring you compared to traditional electricity.
Ready to talk about going solar and slashing your electric bills? Chat with one of our friendly experts today!