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In order to know that solar is going to be a smart financial move for you we need to know just how much sun your roof gets. Fill out this form and we will order your FREE Shade Report ($30 value), and send it to you once it's ready. From there, we can tell you what your new electric rate would be if you went solar!
It's a question everyone wants answered, but finding reliable information can be difficult. That's why Voltiva Solar developed the straightforward and transparent "5 Step - Solar Savings Calculator." Follow these steps to see if going solar is a smart financial move for you and your family.
5 Steps to Calculate Your Solar Savings Analyze Your Current Energy Usage
Example: Your current electricity bill is $2800 per month.
Calculation: $2800 x 12 months = $33,600 annually.
Evaluate Your Roof's Solar Potential
Example: After assessing your roof, you find it receives ample sunlight, allowing for an optimal solar panel installation.
Calculation: Assume your roof can support a 10 kW solar system which receives around 5 peak sun hours per day on average. This equates to:
10 kW x 5 hours/day x 365 days/year = 18,250 kWh/year.
Estimate the System Size and Cost
Example: You need a 10 kW system. The average cost of solar installation is about $2.50 per watt.
Calculation: 10,000 watts x $2.50 = $25,000 total installation cost.
Calculate Potential Savings and Incentives
Example: Federal Solar Tax Credit offers a 30% rebate on installation costs. State and local incentives vary.
Calculation:
Federal Tax Credit: $25,000 x 0.30 = $7,500.
Net Installation Cost: $25,000 - $7,500 = $17,500.
Annual Savings: Calculate the percentage of your energy needs covered by solar. If the system generates 18,250 kWh/year and your annual usage is about the same, it may cover 100%.
Annual Savings: $33,600 (current annual bill)
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Evaluate Long-Term Financial Benefits
Example: Calculate savings over 25 years (the typical lifespan of a solar panel system).
Calculation:
Total Savings: $33,600/year x 25 years = $840,000.
Subtract initial investment: $840,000 - $17,500 = $822,500 net savings.
Payback Period: $17,500 (net installation cost) / $33,600 (annual savings) ≈ 0.52 years, or about 6 months to recoup your initial investment.
Summary
By installing a 10 kW solar panel system on your rooftop, you can save approximately $33,600 annually on your electricity bill. After accounting for the federal tax credit, your net installation cost would be $17,500, which you could recoup in about 6 months. Over 25 years, you could save approximately $822,500, making solar a highly beneficial investment for your home.
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