Breaking Down The Benefits of Residential Solar Panels
Residential solar panels, or photovoltaic solar power installations for homes, can give a lot of benefits to customers of the Oakland solar company they contracted. These include reduced electric consumption leading to lower charges from the electric utility company, a higher resell value for the home if the homeowner chooses to sell, and reduced carbon emissions. Although these benefits are somehow being offset by significant cost considerations for installation and maintenance, the number of people looking to have solar installations in their homes is rising because of the expected reduction in these costs.
Of course, the returns on the homeowner’s investment may vary depending on the location of the house, the type of installation, and the load capacity of the system in question. There are solar panel systems capable of producing more than 7 kW of electricity. Some of them can carry only 3 kW of power consumption from the house. However, the rule of thumb is the bigger the load the system can carry, the better its overall benefits, including a shorter time frame to break even.
Breaking Down The Cost.
The average solar panel will cost around $2.72 for every watt that it produces. Assuming that you are installing a 6-kW system, the total cost with installation would be around $13,600. Note that the figure stated does not take tax incentives and other rebates into consideration. With incentives and rebates, a 7-kW installation would cost $13,000 or around that amount. This much energy production would be more than enough to offset your electricity consumption from the grid, with something extra to export into the grid.
How much Can you Save with The Solar Panels?
With the current level of technology on solar panels, they would allow you to save $0.32 for every kilowatt-hour produced. That means that if your system can produce 7-kW on a sunny day, you would need only 4 years to have a return of investment of 100%. Think about it! Four years to break even on a system supposed to last 25 years or more. The remaining years of your system’s lives will be pure profit for you, while saving around $90,000 on electricity costs. That’s at least three times the amount you originally paid for the materials and installation. Generate excess energy and the profits will be even higher.
California and other states have imposed a net energy metering system for solar energy producers. With this system, any excess energy an installation produces goes into the grid to be used by another consumer. Essentially, you are selling energy to the grid. Others will pay for the energy you export and that will be converted into energy credits, which you can use to purchase electricity when load and demand is down, lowering the cost. Produce energy at noon and buy at night and you will be able to save more money.
Soleeva Energy, as the top solar company in California, will help you setup the best solar energy installation for your needs. Our teams of highly-trained and experienced engineers, sales people and installers will make getting your own solar panels as easy as ABC. Visit our website now https://soleeva.com/ and learn more!