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One of the biggest reasons to go solar is that you can eliminate or significantly reduce your electric bill. An average monthly electric bill of $100 becomes an annual $1,200 expense. Over 20 years, that same $100 monthly bill balloons to $24,000 paid to your utility, and that’s before factoring in electricity rate increases that will likely make your 20-year energy costs even higher.
This graph, from the Energy Information Administration (EIA), shows the increase in average residential electricity prices as a percentage between 2009 and present. During this period, US residential electricity prices rose by about 15%.
This may not sound like much, but these numbers add up over time: if your home uses about 500kWh of electricity per month, by the end of this 10-year period, you will have paid significantly more for your electricity than if rates had stayed at their 2009 levels.
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