Can you save money by going green with solar panels in Hawaii?
Residential solar panels not only help you save a significant amount of money on your electricity bills, but they also reduce your carbon footprint. More so, rebates and incentives such as the federal solar tax credit can make it easier for you to save more money and make going green with solar panels easier.
However, there are no one-size-fits-all amount homeowners can save with solar panels in Hawaii. The actual amount of money you can save with solar panels on Maui depends on several key factors. This includes your power consumption, local electricity price, as well as the size of your solar system. So, it’s crucial to consider all these as key parts of your decision.
These are key metrics you can use to determine how solar panels can help you save money in Hawaii. Other factors include your location on the island and the size of your roof. The rebates and incentives you’re eligible for can lower the upfront cost of your solar panel installation.
How homeowners in Hawaii can save money with solar panels
Solar panels savings are mostly reflected in avoided electricity costs or the amount of money you would have spent on electricity bills without having a solar system. On average, the annual electricity consumption rate of a U.S. resident is 10,694-kilowatt-hours (kWh). That’s an average of around 877 kWh per month.
Multiplying that figure by the U.S. average electricity rate of $0.13 per kWh, you’ll learn that the average American family has electricity bills that add up to around $1,390 per annum. That means the average Hawaiian household would end up saving around $1,390 by going green with solar panels.
The most reliable way to figure out the size of the solar panel you need is to use a solar size calculator. Regardless of where you are on the island, you can use this free solar size calculator to determine the appropriate solar size for your home.
Having the right solar size means you can have a solar system that is capable of generating the required amount of electricity you need in your home that is enough to offset your electricity bills. This is one of the most effective methods of eradicating your electricity bills completely through solar panels.
More so, the type of solar panels you choose also matters. The more efficient your solar panels are, the more electricity they can generate from sunlight. This translates into higher and more long-term savings.
However, there are some uncertainties that affect solar estimates linked to utility cost inflation. That means actual long-term savings could be slightly higher or slightly lower than what the estimates indicate.
You’re not only saving money..
When you choose to go green with solar, you’re not only saving some significant amount of money, you’re also saving the islands by reducing greenhouse gas emissions. This means you’re making Hawaii safer and better for everyone.