How much money can a solar power system save?
If you live in a state with high electric rates like California, a solar power system can save you a lot of money. Based on 2017 electric rates supplied by the US Energy Information Administration, a homeowner in California with a 6-kilowatt solar system that cost $13,566 to install would save $29,424 over a 20-year period. This is based on the average household’s electrical use. That’s a net savings of $15,858. If you use more electricity than the average household, you could save even more by going solar.
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The only way you can lose out on these savings is if you use more power than your system generates or your system breaks and you don’t know about it. People with systems that don’t have a performance guarantee typically don’t find out their system is down until they get their next month’s utility bill. With most companies, you lose out on the energy savings you would have earned while your system was down. But at Freedom Forever, we guarantee you’ll get the promised performance from your system for a full 25 years! All you have to save money is to manage your electrical usage.
Calculate how much you’ll save by going solar using the National Renewable Energy Laboratory’s PVWatts Calculator
Freedom Forever’s 25-year guarantee
Going solar is a great idea! As you can see from the example above, you can more than double your initial investment over a 20-year period. This is because we guarantee that your solar power system will meet its promised production amount for 25 years.
Factors that determine how much you will save by going solar
The amount of sun exposure you get is the primary factor that determines your savings. People living in places like Arizona and California get the most sun exposure, so their systems will produce the most power. Even in a sunny state, the shade will decrease your system’s performance.
What you should do: Inspect your property to find a spot that is exposed to full sunlight between the hours of 9 AM and 3 PM. If you don’t have any place on your property that gets reliable sunlight during those hours, you may need to cut down trees or make other modifications to ensure good sun exposure. South-facing exposure on the roof or elsewhere is ideal.
Cost of your system
The cost of solar power systems varies from company to company. According to the Center for Sustainable Energy, a 5K watt system will run between $15,000 and $25,000. The quality and efficiency of the solar panels used in the system is a primary driver of cost. You get what you pay for! A system with more expensive panels produces greater power than a system with cheaper panels and could be a better value.
What you should do: Compare the promised output in kilowatt-hours of the systems you’re looking at. Divide the cost of the system by the amount of power it produces. The system with the lowest cost per kilowatt-hour is going to give you your best return on investment. But remember, if the company that sold the system to you doesn’t guarantee performance, you could lose some of those savings if your system breaks down.
Take advantage of incentives
Currently, the federal government offers a tax credit equal to 30% of the installation cost of your system. However, that’s only good for systems installed by December 30, 2019. The credit is reduced to 26% for systems installed by December of 2020. Then to 22% for systems installed in 2021. The tax credit expires completely on December 31st, 2021.
State-level incentives: Many states offer incentives for going solar. Those incentives make going solar make a lot of sense. Below are links to articles with state-level information on solar incentives.
Those incentives vary from state to state. Your best bet is to ask a solar power company about them. They should be able to advise you on all the incentives you qualify for.
Lock in the 30% Federal tax credit for solar in 2019. Call us at 888.557.6431 or click here to request a free quote
Freedom Forever makes going solar easy
As you can see, there are a lot of factors that determine how much money a solar power system can save. But you don’t have to do all those calculations yourself. Let us do it! All you need to do is click or call and we’ll send a Freedom Forever Authorized Independent Dealer to your home for a free consultation. They will be able to give you an accurate estimate of how much you will save by going solar. We’ll make sure your system produces the power you need to save for a full 25 years – we guarantee it.