Does DIY Rooftop Solar Make Sense if Your Power Bills Are Low? Posted on 21 Dec 07:30
Homeowners across the U.S. install DIY rooftop solar power systems to avoid paying the high cost of electricity. But what if your current utility bills really aren’t that high? Does it still make sense to invest in a do-it-yourself photovoltaic power system?
Of course we’re going to say yes, but don’t just take our word for it. You can do the math yourself to see why installing a DIY solar power system is a sound financial decision for anyone.
DIY Rooftop Solar Can Eliminate Your Monthly Electric Bills
The average monthly electric bill across the United States is about $114, according to the U.S. Energy Information Administration (EIA). In some states, the average is less, but not much less. Homeowners in Utah and New Mexico, for example, pay an average of about $80 per month. So, even in states with “low” utility bills, homeowners are shelling out about $1,000 every year for electricity.
Wouldn’t you rather keep that money in your pocket, instead of writing a check to the power company every month? By installing a DIY solar power system, you can dramatically cut your energy costs, or even eliminate your monthly electric bills altogether.
Installing a Rooftop Solar Panel System Protects You from Future Rate Hikes
Residential electricity prices have been steadily climbing over the last few decades. For example, in 2003, rates averaged around 8 cents per kWh. By 2016, that number jumped to 12.54 cents per kWh. And the EIA predicts a further increase for 2017, with rates averaging 12.95 cents per kWh.
So while your monthly electricity costs may be low now, that may not continue. Rate hikes are likely, and you could end up with much higher bills in the future.
Making your own electricity with a rooftop solar power system will stabilize your energy costs and save you from being at the mercy of ever-rising utility company rates. In fact, every time the rates go up, you’ll save more.
When Will Your DIY Rooftop Solar Power System Reach the Payback Point?
Several factors affect how long it will take before your rooftop solar array has paid for itself. But you can do the math and figure out a rough estimate.
Let’s say you get a DIY solar system for $15,000. From that, subtract the amounts you get back from federal, state and local financial incentives, which can add up to half of your expenses. So for our example, let’s say you’re left with $7,500.
Now, divide that figure by your electricity costs. Let’s say you’re one of the lucky homeowners paying about $80 a month. Here’s how that looks:
$80/month x 12 months = $960
$7,500 total investment ÷ $960 saved each year in electric bills = 7.81 years to reach payback point
That’s just a rough projection, but you can see it won’t take long for your DIY solar power system to pay for itself. If you’re like most of our customers, your annual power costs are double that number, or more. If so, that may cut your payback period to even less, depending on how you optimize your PV system and energy use. Net metering can lower the time for payback as well.
You can explore your options for saving money with PV power by visiting the Solar GOODs online do-it-yourself superstore today. Save money and establish energy independence with DIY rooftop solar.