What will you do with the money you save by going solar?

Solar power. You’ve thought about it. You’ve done some initial research. You like the idea but aren’t certain it’s worth the hassle. After all, isn’t that what it often comes down to? How much is something worth? In the case of solar panels, it may be worth even more than you’ve previously considered.

SunPower solar panels installed by Legend Solar on the roof of a home in Enterprise, Utah. What will you do with the money you save by going solar?Consider this scenario

For the sake of explanation, let’s say the average family of five has a power bill that is approximately $250 per month. Yours may be more or less, but you get the idea. When you calculate an extremely conservative 1 percent projected power rate increase over the next 25 years you could eventually be paying in the neighborhood of $320 per month. A more likely scenario includes a much higher percentage of increase for your power bill over the next 25 years. For example, calculating a 5 percent increase in the power rates in the next 25 years means your monthly power bill after 25 years would be more than $800.

Most people have a lot of other places they’d rather put an extra $550 per month.

But what if you could lock in your power rates?

Better yet, what if you could pay a bill for the next 12 years and then see a significant decrease in the cost of power?

It’s a no-brainer, right? Your wallet definitely likes the latter option better.

Solar savings

A simple phone call to Legend Solar gets the ball rolling to calculate how many panels you need to off set your current household power usage. Then a monthly payment is put in place to allow you to comfortably cover the cost of your solar panels at a rate that is close to or less than your current power bill. So that $250 monthly power bill becomes $250 or less to cover the cost of your solar panels. But here’s the best part. After 12 years when your power bill could be anywhere from $278 to $427 depending on the percentage of power rate increase, your solar panel cost suddenly drops to around $25 per month. That’s a monthly savings of around $250 per month even at the most conservative estimates. And likely, even more savings than that.

At the end of 25 years with a 1 percent increase in power rates and your home being powered by Legend Solar’s SunPower panels, you will have saved roughly $40,000.

How would you spend it? 

Saving $250 or more per month on your power bill could be used in so many different ways. Especially when you consider the cumulative $40,000 conservative estimate.

*  Add it to your children’s college fund

* Put it toward your retirement

* Enjoy your dream vacation

* Pay off other debts

* More money for other household expenses, like groceries

* Upgrade to a better vehicle

* New furniture for your home

* Bikes for the family, or other athletic equipment

* Upgraded phone, computer or other personal technology on a regular basis

Locking it in

Think of locking in the cost of your monthly power like a Forever Stamp. You buy the solar panels at today’s price and you get to keep paying that same monthly amount for the next 12 years, thanks to financing available through Legend Solar. You are no longer susceptible to the whims of the power suppliers and the verly likely power rate increases. Then, unlike some specialty offers out there where the price goes up after a certain period of time, the cost of power for your home goes down. Significantly down.

Find out more about how Legend Solar save you money by getting a free quote at www.legendsolar.com

Lisa Larson is a freelance writer covering a wide range of topics. Read more of her work at www.lisaglarson.com and follow her at www.facebook.com/larsonlisa or on Twitter @LisaGLarson

Category: How does solar power work?