You’re no doubt aware that installing a solar power system will shrink your home energy costs. But is residential solar really a smart investment in Utah?
The question is certainly understandable — here, the average monthly electricity bill is just over $80, which is quite a bit less than the national average of about $121. Because of this, many Utah homeowners wonder how they can justify the choice to adopt solar power.
As a residential solar contractor, residential solar projects make up a big part of our business. So, you’d expect us to say that PV installation makes sense, despite the lower electricity costs. However, we do have good reasons for saying that. Read on to see why switching to solar power is worth it in Utah.
Look at Your Long-Term Home Energy Costs
Let’s assume that you currently pay $80 per month for electricity. Even if that amount never changes, you’ll still be spending a great deal of money on home energy – we’ve done the math for you:
- The yearly cost will be $960
- The 5-year cost will be $4,800
- The 10-year cost will be $9,600
- The 15-year cost will be $14,400
- The 20-year cost will be $19,200
We could keep going, but you get the idea. When you think of the savings over time with residential solar, planning a project is rather reasonable.
Consider the Rising Costs of Home Electricity
Your monthly bill might be somewhere around $80 right now, and the figures above are based on that total – but the chances of your rate remaining the same over the coming years is exceedingly low.
Prices for electricity from the grid have been increasing over the last few decades. Here’s how residential rates have changed in the recent past:
- In 2012, the average was 11.88 cents per kilowatt hour
- In 2015, the average was 12.65 cents per kilowatt hour
- In 2020, the average was 13.15 cents per kilowatt hour
The latest data, on the 12-month period ending in August 2022, shows the average rate of 14.62 cents per kilowatt hour. As you can see, there’s every likelihood that the costs for grid electricity will continue to rise. By installing a residential solar power system, you’ll effectively stabilize your home energy costs.
Talk to a Trusted Photovoltaic Contractor Today
Clearly, residential solar is an investment that’s worth considering in Utah – but if you’re not convinced, why not discuss the matter with a professional photovoltaic contractor? Many, including the team at Nationwide Solar, offer free, no-obligation consultations, so you really have nothing to lose.
Contact Nationwide Solar to schedule a residential solar site evaluation, and we’ll show you how much you can save with photovoltaic power. We’ll also explain how to see the fastest return on a residential solar investment in Utah. Give us a call today!