So, how many dead Presidents can you save by installing solar panels on Presidents Day?
Calculating your potential savings from solar panels involves considering various factors and utilizing different approaches. Here’s a breakdown:
Basic Steps:
Assess your electricity usage:
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- Analyze your past year’s electricity bills to determine your average monthly kWh consumption. This data is crucial for estimating how much solar energy you’ll need.
- Consider seasonal variations in your usage to get a more accurate picture.
Estimate solar energy production:
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- Use online tools like the National Renewable Energy Laboratory’s PVWatts Calculator (https://pvwatts.nrel.gov/) to estimate your potential solar energy generation based on your location, roof size, and sunlight exposure.
Calculate potential cost savings:
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- Multiply your estimated annual solar energy production by your current electricity rate. This gives you the potential annual monetary savings on your electricity bill.
Additional factors to consider:
- System cost: Subtract any applicable tax credits, rebates, or incentives from the total installation cost to get your net system cost.
- Financing options: Factor in loan interest rates if you’re financing the installation.
- Payback period: Divide the net system cost by your annual savings to estimate the time it takes for your system to pay for itself.
- Utility net metering: Check if your utility offers net metering, which allows you to sell excess solar energy back to the grid for credits, further reducing your costs.
- Degradation rate: Remember that solar panels degrade slightly over time, gradually reducing their output.
- Inflation: Consider projected increases in electricity rates when calculating long-term savings.
Resources for further calculation:
- SolarReviews: https://www.solarreviews.com/solar-calculator
- EnergySage: https://www.energysage.com/
- CNET: https://www.cnet.com/home/energy-and-utilities/best-way-to-buy-solar-panels-monthly-financing-vs-cash-savings/
Remember, these are estimates, and actual savings can vary based on specific factors. Consulting with qualified solar installers in your area and getting customized quotes is crucial for accurate calculations and ensuring the investment suits your needs and budget.