Now, more and more people switch to solar panels or solar systems, one of the key reasons of which is their potential to save money. Solar panels can reduce your power bills considerably indeed. However, a lot of people wonder whether they will really be able to afford solar panels in their house and if it will really produce a visible impact on their budget. In this blog, we will try to find out if solar power will save you money as well as to identify factors that affect the amount of your potential savings.
The key factor you should take into consideration is that how much you will save depends on set-up costs for installing your solar system (which can differ quite a lot). Initially, if you use a lot of power, you will benefit from solar panels more because they will quickly pay off your investment in panels. That is why individual saving amounts can vary quite considerably depending on the size of your house and your energy consumption. Some users manage to save up to 90% or energy expenses during the summer months.
There are several factors that can influence how much you save with panels:
1) The size and efficiency of your panels. These characteristics determine the amount of energy they produce. The more efficient a solar panel is, the more power it will create from sunlight.
2) Savings vs cost (how much power your household needs and how much you spend on installation). These factors determine how soon you recover the investment cost.
3) Battery storage. If you choose a system with battery storage you can send the excess energy back to the grid.
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