No doubt installing solar panels can save you money. But the question is how much money do solar panels save on Maui?
The answers you get can make or break your decision to go green on Maui. While there’s no one size-fits-all answer to this question, there are several ways to figure out the amount of money having a solar system can save you.
How much money can solar panels save you on Maui? Things to consider
The amount of money you’ll end up saving by going green depends on several key factors that impact the cost of solar and the cost of electricity on Maui. Here are the key points to note that can help you determine how much money solar panels can save you on Maui:
- The cost of your solar panels on Maui
- The cost of electricity rates on Maui
- The direct hours of daily sunlight your solar panels are exposed to on Maui
- The size and angle of your roof
- The type and size of your solar panels will determine how much money you can save on Maui
- The amount of energy you consume in your home compared to the amount of energy your solar panels can offset
- Whether you opt for on grid or off-grid living with your solar panels
Though solar panels require an initial upfront investment, it will save you money in the long run. On the average, you’ll most likely save within $10,000 and $30,000 throughout the lifespan of your solar panels.
How much money do solar panels save on electric bills on Maui?
One of the most realistic steps to figure out how much money solar panels can save you is to do a simple calculation of the amount of money you’re spending on electricity annually. Here is an example: for an average American household, the average annual electricity consumption is 10,972 kilowatt-hours (kWh).
Now, once you multiply that figure by the U.S. average electricity rate in the first quarter of 2020 (($0.1328 per kWh), you’ll easily realize that the average United States family spends about $1450 annually on electricity alone.
Next you’ll have to figure out the unpredictable nature of the cost of electricity. This will help you to figure out what the average utility rates will most likely be in the future. So, when you start making comparison between solar and local electricity rates on Maui, don’t forget that electricity rates are most likely to increase annually. In fact, over the past ten years, electricity prices have increased at an average rate of 2.2% annually. This is one of the key reasons why avoiding utility rates inflation is one of the key perks of installing solar panels on Maui.
How solar panels impact your utility rates
Once you start generating your own electricity by installing solar panels on Maui. You’ll start consuming energy at a constant rate without bothering about changing or volatile utility rates. However, as a result of solar being an up-front investment, the major costs tied to your solar system is the cost of your installation. Other costs include any electricity cost in the event that your solar panels were unable to totally offset your electricity consumptions.
More so, your solar system’s capacity to offset your electricity needs 100% basically depends on the accuracy of the size of your PV system. It also depends on how much you’re willing to invest on solar. You can use this free solar size calculator to determine the accurate solar panels size for your home.