As energy prices continue to climb, more homeowners are looking for ways to reduce costs, gain energy independence, and make eco-friendly choices. The most common question for those considering a solar investment is: How much will solar panels save me on my energy bills? The answer depends on several factors, including the size of your system, energy usage, and local electricity rates. However, solar power has consistently proven to significantly lower—if not eliminate—energy costs over time, making it a powerful choice for long-term savings.
Why Solar Panels Are an Excellent Investment for Energy Savings
1. Solar Panels Can Offset 70-100% of Your Energy Costs
Solar panels have the potential to generate enough electricity to cover the majority, if not all, of your energy consumption. In fact, most homeowners who go solar see 70% to 100% savings on their monthly energy bills. For example, if your average monthly bill is $150, you could be saving over $1,800 per year—resulting in tens of thousands in savings over the system’s lifespan.
2. Solar Saves You Money Over the Long Term
The upfront cost of solar is quickly offset by the savings generated over the life of the system. Most solar panels come with warranties of 25 years, and many panels continue to operate efficiently beyond that. So, a one-time investment can lead to 25 years or more of savings, particularly in areas with high electricity rates.
3. Beat Rising Energy Costs with a Fixed Energy Source
Utility companies tend to raise electricity prices annually. With solar, you can lock in your energy costs at a fixed rate by producing your own power. Over a 20-year period, typical electricity rates might increase by 2% to 5% per year—meaning today’s $150 bill could be a lot higher a decade from now. With solar, you’re immune to these price hikes, saving you even more over time.
Calculating Your Solar Savings: What to Consider
Several factors impact how much you can save with solar, including:
Your Location: Areas with high energy rates and ample sunlight hours yield the highest savings. States like California, New York, and Wisconsin have favorable rates for solar users.
System Size and Efficiency: The more energy-efficient your panels are, the more they’ll produce and save you. Choosing high-quality solar technology is crucial for maximizing savings.
Available Incentives and Tax Credits: Federal and state incentives, like the 30% Investment Tax Credit (ITC), can greatly reduce your system’s cost, shortening your payback period and increasing savings.
Bonus Savings: Net Metering and Selling Excess Energy
With net metering, you can earn credits on your electricity bill by selling excess power generated by your solar panels back to the grid. Many states, including Wisconsin, have favorable net metering policies that allow you to store energy credits for use at night or on cloudy days.
A Real-World Example of Solar Savings
Imagine a typical household in South Eastern Wisconsin with an average monthly electricity bill of $150. With solar, this household could save approximately $1,800 per year. Over 25 years, that’s $45,000 in savings—not including the additional value solar adds to the home.
Start Saving with Solar Power from Current Electric
At Current Electric, we help homeowners in Wisconsin maximize their savings by designing custom solar solutions tailored to individual energy needs. With over 25 years of experience, we ensure that every system is optimized for performance, value, and reliability.
By investing in solar now, you’re making a choice for energy independence and long-term savings that will pay off year after year. Curious about how much you could save with solar? Contact Current Electric today for a free energy audit and see how solar can transform your energy bills.
Take control of your energy costs, contribute to a greener future, and start saving with Current Electric Solar.