The claims about the savings to be had with solar panels span far and wide.
On one end, you have people claiming that they’re nothing to be excited about, and on the other, you have greatly exaggerated claims spouted by publications trying to increase their audience and web traffic.
So, what can you really expect to save with a solar installation? In this post, we’ll fill you in.
Hint: The numbers are worth getting excited about!
The Big Picture
The average American household spends about $2,000 every year on electricity costs.
In the state of Maryland in particular, solar experts agree that most homeowners that move forward with purchasing solar panels can expect to save at least $23,000 over a twenty-year period.
When you break that number down by the year, you’re looking at about $1,150 worth of annual savings. It’s also worth considering that utility costs have steadily increased over the past decade - and if they continue to trend upward, the savings from going solar will also rise.
Bad news for those who don’t convert to green energy, but great news for you.
They also add about $20,000 to the overall value of the average home, adding to your earning potential should you decide to sell.
Factors to Consider
The projected savings mentioned above are based on those who purchase their panels either outright or on a payment plan. For optimal savings, owning your equipment - or working toward it with payments is key.
For those who aren’t keen on the idea of purchasing panels - there are other ways to save. While not quite as drastic as the savings of panel owners, those who opt for a PPA can still carve a pretty big dent out of their monthly utility costs.
The best part?
You’re simultaneously supporting sustainable, environmentally-friendly energy while doing so.
When you choose to go with a PPA, your installation company still owns the panels. This means that they’re likely also responsible for maintaining them - which is a perk that some feel is worth the slightly lower savings potential.
We’re Here to Maximize Savings No Matter What You Choose
At Lumina, we strive to go above and beyond to ensure that those who choose to work with us are getting the best that solar energy has to offer.
We don’t just plop the panels on your property - we work with homeowners to ensure that their installation is one that will maximize energy production, and in turn, maximize the benefits that you’ll get from your panels.
Our passion for sustainable energy and commitment to giving customers the best solar experience possible has gotten people talking.
Curious about what it’s really like to work with us?
Now, you can get an in-depth look.
Download our case study for real-life facts and figures!