Let’s calculate some savings for you with a case study:
- Assumptions for Mr. & Mrs. Homeowner with 2 teenage children;
- Average monthly utility bill: $230;
- Annual utility rate increase: 5.5% per annum (avg. of last 30 years in CA)
Mr. & Mrs. Homeowner get a qualified energy audit done of their home (appx. $500-800, depending on your part of the country) and it’s recommended they install a solar system to help heat their home, hot water, and even supply excess energy BACK to the energy grid (think of this as your roof making money!).
Mr. & Mrs. Homeowner decide to go ahead with the recommended improvements. They have a 1100kWh/month, 4kW solar system installed at an approximate cost of $26,000 – but with all the available tax credits (State and Federal) and alternative financing methods available for energy-efficient improvements to their home, the final cost to Mr. & Mrs. Homeowner is around $15,000.
Within the first 5 years of use, the system will help save the Homeowners $2,528 on their electric bill. Over the life of the system (avg. 25 years), they will save over 35% or $44,000 on their utility bills. And this isn’t even including the energy that is sold back to the grid, which will result in even higher savings!
*Data courtesy CleanPowerFinance.com