Comparing Solar Costs to Other Energy

Solar power is regarded as a way that you can save money in the longer term. However, many people do not understand how they end up saving money with solar. Here’s what you need to know about using this resource to help save on your electricity costs.

When it comes to saving on energy costs, solar power is a great long-term investment. Many people don’t understand, however, that it takes time to achieve the full financial benefits of going solar. Here’s what you need to know about investing in a solar power system to help save on electricity costs.

Solar Power Requires an Upfront Investment

The most significant costs of going solar will be those required at the outset. These costs result from the purchase of solar system. You can reduce this expense through federal and state tax credits, though. GVEC will help you understand what credits you’re eligible for and make sure you receive them all.  After the upfront investment, the costs of operating a solar panel system are low. Homeowners can save even more on a solar purchase by selling excess power generated by the system back to GVEC.

The Costs of Solar Panel Systems

The cost of a solar panel system depends on the life of the system, along with the purchase price and installation charges. To accurately assess the complete costs, you’ll need to know the system’s estimated useful lifespan before making a purchase decision. The cost of power generated through most solar systems works out to about 2.7 to 3.5 cents per watt of electricity. As you’ll see below, this rate represents a substantial savings over the costs of regular electricity. There are two reasons: System prices have come down considerably over the last decade, while tax credits continue to deliver significant, dependable savings.

The Costs of Electricity

The average nationwide cost for electricity has increased this century and currently stands at roughly 12 cents per kilowatt-hour. The average household uses just under a thousand kilowatt-hours per month. As you can see, solar power costs roughly a quarter of the price of regular electricity. These systems are guaranteed to save money over the price of regular electricity.

Trust the Professionals

GVEC has been serving South Central Texas and the surrounding areas since 1938. In the last decade, as we’ve grown our solar business into a local market leader, we’ve installed over 1,200 systems. For more information on our solar panel systems or to learn more about the benefits of solar energy and how much you can save, call GVEC at 855.989.8807.