Utility Bill

You know the feeling of opening up that email or envelope each month and seeing how much you owe the power company? Or maybe you don't because you've learned over the years to just expect a high bill. Either way, the bill comes and you pay it so your power doesn't get shut off.

Then, with technological advances, every new device, appliance, or electric vehicle added to your home increases your energy usage and makes your bill even more expensive. And the cherry on top is the rate hikes and fees thrown your way by the power company.

You get the point: energy is expensive and only getting more so. The good news is that it doesn't have to be with solar. And it gets better—when your system is paid off, your monthly costs will be minimal.

Solar Bill

Your monthly solar bill can replace most of your power bill, or at the very least decrease it. When you finance your switch to solar with a loan, the money you used to pay your power bill now goes toward your loan or lease payment for your system, plus any fees from your utility company or extra energy you need to pull from the grid.

The energy that is produced will provide you with the energy you need to power your home. Any excess power will either get stored in your battery or, if you choose to forgo a battery backup, will be shared with your neighbors for a credit towards any power you may need to pull from the grid. This is called net metering and may vary by state.

Depending on if and how much energy you end up needing from the grid throughout the month, you may still end up with a power bill. However, the net metering credits you earn from selling your excess power to the utility company will go towards your power bill, shrinking it even more.

Think of it this way: if your monthly solar payment is $100, your power bill is $50 for the energy that you pulled form the grid, but you have $40 in credits for the power you provided the grid, you will end up paying $110 that month for electricity plus your connection fee. That's a steal compared to the $200+ you used to pay.

While this is just an example, many solar owners save money every month. To find out exactly how much you can save, get a custom quote that breaks down what your monthly cost will be with solar. 

Once you get that custom solar quote, it will be easy to compare the cost of solar with your current power bill. It will also show you how much energy your system will produce and if it's expected to be enough for your home or if you will need to supplement with energy from the utility company.

You can calculate how much you will need to pull from the utility company by subtracting your system's energy output with your energy usage (found on your utility bills). Take the difference in energy and multiply it by your utility company's costs to determine how much you should expect to pay the utility company.

Adding. up your new utility bill and your solar bill can then be easily compared with your old utility bill to determine your monthly savings. But don't take our word for it. Get a quote today and check the math for yourself.

While the most common financing option is a solar loan, it's not your only choice. The financing option you choose can affect your savings. For example, if you choose to pay in cash, you will never have a monthly solar payment and will forgo the interest that is included with any loan, creating more savings and eliminating a bill entirely. However, many people are unwilling or unable to pay the cost upfront.

You can also opt for a power purchase agreement (PPA) or solar loan, where you will have a fixed escalator on your payments, far more predictable than your utility company. 

Is Solar Right For You?

Only you can decide if switching to solar is the best choice for you and your family, but understanding all the aspects of solar can help you make an informed decision. Recognizing the monthly savings you can see from solar may be the push need to make the switch.

With the cost of coal-fired power increasing, switching to a solar payment gives you a predictable, often lower, monthly payment, with the potential to save you thousands of dollars across the life of your system. Some solar customers can save over $100 every month on their bill, totaling over $30,000 over 25 years.

And that's just savings on your monthly bill. Find out other ways you can take advantage of the financial benefits of solar here. 

Switching to solar is a big investment. Get in touch with one of Lumio's solar experts today to get all the details you need to make an informed decision. With the free custom quote you'll receive after talking to someone on our team, you can determine how much you'll save every month by friendzoning your power company. 

Ready to see if Lumio is right for you? Our teams are standing by to help. Switch to solar today!