Let’s do a little math. Assuming your energy bill is like most Americans, it’s probably between $170 and $200 per month. If we multiply that by 12 months per year, we are looking at $2040 to $2400 per year in energy bills. Now let’s say that you own your home for ten years. You are looking at paying $20,400 to $24,000 over the time that you own the home.
That’s a lot of money.
Now let’s look at another scenario. Let’s say that you spend $10,500 on a solar roofing system (this cost is calculated using the average cost of a home solar system, which is $10,000 to $16,000 dollars, and subtracting a 30% tax credit – which is on the low end of what is offered in most states), that covers 50% of your energy cost. You save roughly $1000 per year on energy cost – which again is a very low estimate. Over the ten years that you expect to own your home, the system pays for itself.
But wait. I didn’t factor in two very important details. Energy costs rise an average of 3.75% annually. That is unless you lock in your rate, which is exactly what you do when you provide energy via a photovoltaic system. For the percentage of energy you provide through that system, your energy rate does not change.
So let’s recalculate. A 3.75% annual increase on a $2400 electric bill equals $640 dollars. Even if we don’t apply this increase exponentially, that adds up to $6400 over the time you own your home (ten years).
Okay so that’s another $6400 you can expect to save by going solar. And remember, these estimates are on the low end.
But I also didn’t factor in the added value that a solar system brings to your home. In most cases, homeowners can expect an increase in their home’s value of $15,000 to $25,000 dollars.
The numbers are adding up. You spent just over $10,000 to install a system that saved you $16,400 in energy bills, and added roughly $20,000 value to your home.
If this sounds like a no-brainer, it’s because it is. Solar energy might just be the best value in the homeowners market.
This article is brought to you by ASAP Roofing, a national roofing company with offices in Denver, Colorado; Dallas, Texas; Atlanta, Georgia; and Indianapolis, Indiana, that specializes in roofing restoration, hail damage, and excellent customer service.