Regardless of whether you are a homeowner or a business, electric costs can make up a large portion of your overall budget. An average monthly electric bill of $100 becomes $1200 for the year and $24,000 in 20 years, so it adds up to significant amounts of money pretty quickly. And those numbers don’t factor in increases in electric rates which have grown between 2.5% and 7% per year over the past two decades. Steadily increasing, electric rates also can be volatile and unpredictable, especially if production of electricity in your area is tied to gas prices.
Installing a solar panel system at your home or business takes you out of this cycle. It either eliminates your electric bill completely or reduces it so dramatically that electricity costs are no longer a significant factor in your budget. How much you will save is a function of many factors—things like how much energy your system produces or how much you consume. The biggest determinate of savings, though, are the rates you would have paid if your electricity came from your utility. Your savings are equal to the costs you avoid by going solar, so if rates are high in your area, you’ll be saving more. And, since electricity prices are guaranteed to continue rising every year, your savings will continue to grow every year over the 25 – 30 year lifespan of your solar panel system.
Slashing the amount of one of your largest expenses makes perfect sense, but the benefits of solar aren’t just economic. Because electricity prices are so unpredictable, they make managing your budget very difficult, especially for businesses or homeowners whose cash flow can fluctuate from month to month. By installing a solar photovoltaic (PV) system, you can fix these costs, making them more predictable. This is especially beneficial for retirees or others with fixed incomes and also for businesses whose cash flows stabilize when electricity expenses are reduced or eliminated. By making these costs more predictable, solar power systems also improve a home or business owner’s expense management capabilities.
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