How to Save Money on Your Electric Bill with Solar Panel

You have probably asked: why is my electric bill so high? It's no secret that electricity is expensive. The price of electricity has risen steadily over the past 10 years, and it doesn't look like it will slow down anytime soon. And for those people who are using up to 2,000 kWh per month, it's even more expensive. So, it's probably high time we suggest how you can save money on your electric bill with solar panel.

If you're looking to save money on your monthly electric bill without sacrificing the quality of service, then installing solar panels might be just the thing for you. The sun is a free, renewable energy source that can be harnessed with solar panels.  So, installing solar panels is an investment that will pay for itself in less than 10 years.

Here’s how you can save money on your monthly electric bill with solar panel.

The true cost of electricity and energy

Many people believe that electricity costs more in some states than others. However, this is not the case. Instead, it is a function of how much the state is using in terms of electricity. New Jersey, for example, uses less electricity than North Carolina, and the prices are the same. Meanwhile, the average electric bill in California continues to soar. The Los Angeles area households paid an average of 22.1 cents per kilowatt-hour (kWh) of electricity in August 2021. This is higher than the 20.0 cents price per kWh paid in August 2020. For someone who uses 2,000 kWh of electricity a month (just under 1,000-kilowatt-hours), that means paying over a couple of hundreds of dollars per month just to keep the lights on. 

However, it is important to note that many factors go into determining the price of electricity, such as the density of your area, the weather, and the length of the day. These factors all have an impact on the cost of electricity.

What is also a factor for the cost of electricity is the technology of your utility company. If your utility company is old and outdated, then the rate of price increases will be far greater than if your utility company is newer and more efficient.

If you live in California and you’re looking to install a solar panel system, here’s a contractor that can help you with that.

What causes high electricity consumption?

Let's face it, we don't need all the electricity that modern technology provides. More often than not, it's not enough. Let's assume that the average household in the U.S. uses electricity from roughly 7,500 watts. If they use 2,000 kWh of electricity per month, then the average household uses 0.002 kWh per day or two minutes of sunlight per day. For that amount of electricity, you can get by with a simple energy-saving device. However, if you run an air conditioner or use a hairdryer, then you are using enough energy to power a fan or a small clock for an entire day. And at a rate of 2,000 kWh per month, you will use up to 5,000 kWh in a year.

This may be obvious, but electric companies are big businesses. These companies need to make money, and in order to do so, they need people to use their service. That's where electricity comes into the picture. In order to have people buy electricity, utilities need to pay electric companies. The more electricity people buy, the more money that utility company makes.

In order to combat this, utilities use various methods to deter customers from leaving. One of the most common methods is by raising electricity rates. Of course, in order to have lower electricity rates, utility companies must either be running at a loss or be receiving a certain amount of money for electricity. But if you can effectively switch to solar panels, you're actually getting a return on your investment.

Save money on your monthly electric bill with solar panels

According to the Solar Energy Industries Association, the cost to install a solar system has dropped by 70% in the last 10 years, going from $40,000 down to $20,000. But even quite pricey as they are, solar panels are guaranteed to save you tons of money in the long run. 

For instance, say, you pay $100 per month on your electric bill. It might not seem like much now, but it really adds up over time. With that monthly amount, you'll have to pay over $60,000 in energy costs over the next 30 years! That’s so much more than the initial cost you paid for solar panel installation.

If you're installing solar panels to pay off your mortgage faster, then yes, you'll save money on your electricity bill with solar panels. But if you're installing solar panels because you want to help the environment, then you'll definitely be saving money on your electric bill long term.

What you also need to know is that solar panels have environmental benefits. Solar panels help save energy and income to lower the homeowner's energy costs. More than that, the Environmental Protection Agency predicts that solar energy will generate more energy than the world needs within the next 25 years. This new energy source will lower the demand for traditional sources of energy, such as oil and coal.

What is required for solar panel installation?

If you're planning to install solar panels on your home or business, you'll need to have a good understanding of what you need to have installed. It's best to do your research beforehand and find an installer that is able to provide you with a good deal.

There are some tips that you can follow so that you're able to get the best deal on your solar panels and still end up with the panel that you want. If you're interested in a larger quantity of panels, you can either purchase them by the meter or you can buy them by the panel. If you're interested in purchasing individual panels, then you'll need to make sure that the installer is able to provide you with a good deal.

Conclusion

Solar panels are one of the most affordable, clean, and renewable energy sources available today. They can provide clean, renewable electricity for years, with minimal expense to you. There are many ways you can save money on your electricity bill with solar panel, which is just one way you can make your home more sustainable and save money on your electricity bills.

Interested in having your own solar panel installed? Make Sunlight Homes your go-to contractor!

Sunlight Homes is located at 21610 Lassen St. Suite 1 Chatsworth, CA 91311. We are committed to socially and environmentally progressive home improvements and we believe in using the best products available in the marketplace. Our services include roofing, domestic insulation, texcote painting, heating, and air conditioning, and many more. You can check out the full list of our services here or inquire at (818) 626-8197. You may also schedule an appointment through our website. For any problems or questions, you may reach us at our contact page. Connect with us now and have your solar panel installed in no time!