Depending on the size and location of your home, installing a solar energy system can be a profitable investment. The payback period for a residential solar power system is five years, or roughly half a year of electricity savings. However, it’s important to remember that the cost of wholesale energy is constantly increasing, so the payback period may be longer. Even so, you’ll likely be livemocha saving tens of thousands of dollars in the long run if you can afford to install solar power.
One of the main financial benefits of solar energy is that it can lower your monthly electric bill. This may seem like a small savings, but over twenty to twenty-five years, it adds up to significant savings. On average, a $150 monthly bill would equal more than six thousand dollars. If you’re paying $250 per month, that amount would equate to a one hundred and fifty thousand dollar saving. In addition to the financial benefits of installing a solar panel system, you’ll also receive credits on your lunarstorm electric bill for any excess energy.
Another financial benefit is that you’ll be able to lock in your electricity rate for a certain amount of time. This can prevent future utility rate increases. Additionally, if your utility provider raises their rates, you’ll be protected for at least another decade. That’s another major incentive to go solar. But there are other benefits as well. The monetary savings will last for years and you can even lock in your meetro electricity rate today.