The amount of money you can save with solar depends upon how much electricity you consume, the size of your solar energy system, if you choose to pay cash or finance your system, and how much power it is able to generate given the direction your roof faces and how much sunlight hits it. Your savings also depend on the electricity rates set by your utility and how much the utility will compensate you for the excess solar energy you send back to the grid.

It should also be noted that energy efficiency upgrades complement solar energy economically.

There are several different financial options available when deciding to go solar. Solar loans can often lower the up-front costs of the system. In most cases, monthly loan payments are smaller than a typical energy bill, which will help you save money from the start.

Buying a solar energy system will likely increase your home’s value. A recent study found that solar panels are viewed as upgrades, just like a renovated kitchen or a finished basement, and home buyers across the country have been willing to pay a premium for a home with an average-sized solar array. Additionally, there is evidence homes with solar panels sell faster than those without. Keep in mind, these studies focused on homeowner-owned solar arrays.

Storage refers to energy storage, most often in the form of batteries. Installing energy storage with a solar system can help utilize the power generated when it’s needed most, regardless of whether it’s sunny outside at the time. Storage allows you to save that energy and use it later in the day, like when you turn the heat on at night or run the dishwasher after dinner or even when the power goes out.

Using solar power instead of conventional forms of energy reduces the amount of carbon and other pollutants that are emitted into the environment. Reducing the amount of carbon in our atmosphere translates into less pollution and cleaner air and water.