Part 3/7:
While not everyone will save money by installing solar panels, many can—given the right conditions. Key factors include the orientation of your roof, its exposure to sunlight, and whether nearby trees or buildings cast shade. Hypothetical examples can illustrate the potential savings. Assume a home offsets its electricity use through solar and previously had an average electric bill of $176 per month.
If solar financing results in a monthly payment of around $180, that amounts to a total expenditure of approximately $54,000 over a 25-year period. This contrasts sharply with traditional electric costs, which can balloon due to annual rate increases.
Long-Term Financial Implications
- Electricity Rate Increase Scenarios: