One of the biggest reasons for going solar is that you can eliminate your electric bill or significantly reduce it. An average monthly electric bill of $100 becomes a $1,200 expense per year. For 20 years, the same $100 monthly bill balloons to $24,000 charged to your utility, and that's before factoring in rises in power prices that are likely to make your 20-year energy expense even greater. You get out of this cycle by installing a solar panel system at your home or business.
Going solar can completely eliminate your electric bill or reduce it so dramatically that the cost of electricity is no longer a big factor in your budget. Your solar savings depend on a few different factors, such as how much electricity your device generates and how much you consume, but the most important factor are the prices you would normally pay to your utility.
Because your savings are equal to the cost of going solar, you'll save even more if electricity rates in your area are high. And, as energy rates will continue to increase, your savings will continue to grow annually over your solar panel system's 25 + year lifetime.
It makes good sense to reduce one of your biggest monthly expenditures, but the solar benefits aren't just economic. Because prices for electricity can be unpredictable they make it difficult to manage your budget. You also fix your electricity costs by installing a solar panel system, and make them more predictable. This is particularly beneficial for anyone with a fixed income, as well as businesses that have a more stable cash flow to gain from. By going solar, you also boost your budget forecasting and management capabilities by making your energy costs more manageable.