Residual Income with Solar

Do you have a roof? Do you have an income? If you said yes to these two questions, then we may have some savings on coming on your horizon. Rooftop solar panels are a charming addition to a home, as in they can bring savings on your monthly bill without taking up any other property space. In the case you don't have a roof, you can seek ways to install on the ground as well. Either way, solar panels are the way to go if you want to bring down your high utility bills for good. And, in many cases, you can even sell back the excess power you produce to your electricity provider.

According to the Center for Sustainable Energy, a San Diego-based analysis and promotion group, installed solar panels cost $3-$5 per watt for a commonly purchased residential solar system. Solar panels with different power output ratings are available; however, a 200-watt rating is typical. Multiply the panel’s wattage grade by the price per watt ($3–$5) to find the full cost per installed solar panel. In this scenario, this would be around $600-$1,000.

So, keeping all of this information in the forefront of our thoughts, an install of 25 solar panels all rated at 200 watts, or a typical 5-kilowatt system, the cost would run between $15,000 and $25,000 without tax incentives.

Prices Change

The cost of solar panels has dropped dramatically over the last ten years. And at the same time, solar panel prices are suspected to further diminish by 10% per year each year. What does this mean for your pocketbook? Well, it demonstrates that prices change, and continue to fall based on many variables; however, it also shows that today is the day of the cheapest solar to be found.

The first step is to learn how much electricity your home uses, which can help you decide how much power you want from your solar system. Review your monthly electrical bills from the previous year or contact your utility company to learn your average monthly usage in kilowatts for the year. As a benchmark, the typical U.S. home uses around 900 kilowatts each month, according to the U.S. Energy Information Administration.

Peak Sun And Solar Possibilities

The quantity of peak sun hours your home receives is an excellent metric for determining your future energy savings possibilities. Although we all know that the sun shines for 12 hours a day, depending on a multitude of factors, you may only get four or five hours.

One quick way to see how much sun you can harness in a day is to type your address into Google Project Sunroof. This application, which maps a roof's solar savings potential, will help you to determine your home's hours of usable sunlight per year.

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