How Much Do Solar Panels Save on Electricity Bills?

saving-money-by-going-solar Renewable energy is great for the environment. In addition to reducing carbon emissions, it also saves landscapes rich in natural resources like coal, oil and gas from being dug up. In turn, this protects native species and keeps water clean. While this benefit is huge and the reason many people go solar, bigger still are the savings homeowners enjoy when they install solar panels. On average, customers save anywhere from 20%-40% on electric bills.

 

What is net metering?

Net metering is a system that allows solar panels owners to bill the state for the electricity they contribute to the grid. This system helps account for fluctuating sunshine levels and daily electricity consumption. When the time comes to pay the monthly utility bill, the homeowner is only charged for their net energy usage.

How does net metering work with solar?

If a system generates an excess of power during the afternoon and the homeowners run the AC at night, the electricity used to cool the house isn’t added to the meter. The electricity meter actually runs backwards to credit homeowners for the energy they added to the grid! Once you run out of your energy credits, your meter goes back to running forwards, and on the next sunny day, it will run backwards again. Net metering allows the excess electricity produced by your system to cover the times it doesn’t produce enough.

How do solar panels reduce electricity costs?

Because net metering allows homeowners to offset their utility costs, they can save thousands of dollars over the lifetime of their system. Net metering is available in all but 8 states, and in some areas the projected savings on electricity exceeds $45,000!

How much will I save per year with solar panels?

To find out how much net metering can save you, request a quote or book an appointment with Boundless today.

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