The potential for major savings is the driving force behind the popularity of residential solar power in Idaho. That’s really no surprise, as homeowners like the idea of cutting down – or even canceling out — their monthly electricity costs.
Wondering if investing in home solar power can save you money? The answer is yes, no matter the size of your photovoltaic system. Read on to find out how much your electricity savings can be after making the switch to solar energy.
Average Monthly Electricity Costs for Idaho Homeowners
To determine how much money you can save with home solar power in Idaho, we need to consider your current electricity consumption.
According to the U.S. Energy Information Administration (EIA), the average homeowner uses about 877 kilowatt hours (kWh) of electricity each month. The average cost per kWh in Idaho is 9.65 cents. Therefore, monthly energy bills tend to be roughly $85.
With a photovoltaic system, you can expect your electricity costs to drop. Depending upon the amount of solar power it produces, your savings could be anywhere from several hundred to over $1,000 every year.
Electricity Savings Increase as Utility Rates Rise
The retail price of electricity in Idaho may be on the low side compared to other states, but utility rates have been going up for quite a few years.
Back in 2001, Idaho homeowners paid an average of 6.51 cents per kWh. Ten years later, in 2011, utility companies increased the rate to 7.43 cents. And now, as we mentioned, the current average cost is 9.65 cents per kWh.
Experts believe that utility rates will continue to rise. If they’re right, the savings you can see with home solar power will also grow. By reducing your reliance on the utility company, you won’t have to worry about the financial impact of future rate hikes.
Reach the Payback Point and Profit from Your Investment
After you complete your residential solar energy installation, your savings will quickly add up. Eventually, you’ll reach the payback point – and once your photovoltaic system has paid for itself, you’ll be profiting from your solar power investment.
How soon will that happen? For most Idaho homeowners, the payback period is under ten years. That may seem like a long time, but high-quality residential solar systems have an operational lifespan of at least 25 years – and, in many cases, produce electricity for much longer. As such, the profit from your investment in solar energy can be immense.
Would you like more information on how much money you can save with home solar power in Idaho? Nationwide Solar, the leading local residential solar installation company, would be happy to provide you with the information you need.
Our friendly and knowledgeable team can answer your questions, offer expert advice and give you an estimate of your total photovoltaic system costs and your expected solar savings. We offer affordable financing plans, too, so you may be able to invest in solar energy with little or no out-of-pocket expense.
For a free, no-obligation consultation to explore the options for home solar power in Idaho, contact Nationwide Solar today.
