Solar Panels Save Money

A 4.6 kilowatt solar panel system is about 20 solar panels connected to the electrical system in your home. These panels store energy which is then turned into electricity for your use in lighting, cooking, and other tasks around the home which require the use of electricity. There is currently a 30% tax break for the installation of solar panels. 30% off the top of your yearly taxes, not a refund of 30% of the taxes you paid. This saves you money. Using the following figures, we can figure the monthly rates we might pay for electricity: If we use 3200 KWH per month, at .10 perKWH, that averages out to 320 dollars per month, annually. Using the solar panels, we use 6 KWH per day at a rate of .10 per KWH, leaving us an electricity bill of a mere $60. It costs roughly $13, 506 to install. You’d have a complete return on your investment in 10-13 years, depending on usage, energy rates and other factors. If you generated enough electricity this way, you could sell it back to the utility company, and make money rather than spend money. So, while the initial investment ins solar electricity is a bit pricey, it is certainly worth it in the long run to keep your home running smoothly and efficiently, even in the case of an energy shortage or storm that knocks out power in the area. Solar energy is definitely the way to go for electricity in your new luxury home, or in the renovation of an older home.