We all know that solar energy helps you save money but have you ever thought about what you could buy with your solar savings?
The reality is money is tight sometimes and ever-rising utility rates are not helping.
But believe it or not, solar energy can help with that. Not only does it help to save the planet, it also helps put some much-needed cash back in your wallet.
So just in case you’ve been wondering what you’d do if you could get some extra cash back in your pocket, here are 5 things to spend your solar savings on.
How much money can you save with solar energy?
Your monthly solar savings vary slightly depending on if you’re enrolled in community solar or using your own residential solar system. But for starters, if you receive your solar energy from a solar farm, you can expect to save up to 20% on electricity each month once your solar credits from your community solar subscription kick in.
Where you live also makes quite a difference. Let’s say your family lives in New Jersey and your monthly electric bill averages $250. Thanks to the 20% savings from your solar credits, you could save around $600 over a year and $3000 over 5 years. That can cover a few car repairs here and there and even a small family vacation!
Similarly, if you own your solar panels, you could save around $1000-$1500 each year on electricity. This means faster savings and a bit more flexibility in your budget since you’ll no longer be spending as much on electricity.
What can your solar savings help you with?
So you’ve gone solar and you start seeing those savings come in!
You exhale and savor that feeling of having a bigger margin in your budget. Now, the big question is: what do you do with it?
Here are a few ideas to help you decide:
1. Savings for your future
It’s never too early to start saving and it’s always better to be safe than sorry.
For instance, you could put away your solar savings in an emergency account for your family or a college fund for your children.
By safeguarding every additional dollar saved every month, you regain agency and more peace of mind for your loved ones and your future.
2. Home upgrades
When utility costs rise and life gets in the way, long overdue home renovations are often put on the back burner.
So a little money set aside every month can get you closer to finishing that backyard project or leveling up your home tech game with some smart home tools!
3. Travel plans
You know that vacation your family’s been dreaming about for a while but just couldn’t afford?
Maybe you’ve all wanted to visit Europe for years but you could never find the funds for it.
Well, your family trip could actually become a reality thanks to your solar savings.
It may not be a fancy cruise in the Bahamas but how about a weekend trip to a neighboring town? And overtime, after your savings accumulate, you could afford that trip abroad after all!
4. Groceries
It’s not just the price of electricity that’s been on the rise.
Have you noticed how your grocery list is still the same length but for some reason you’re paying A LOT more for it?
That’s no surprise since grocery prices have increased almost 30% within the last 5 years. According to Popmenu, a restaurant marketing platform, a typical American consumer spends around $235 on groceries every week.
It goes without saying but every dollar saved matters. It can make a huge difference in helping you provide a delicious, home cooked meal for your household without breaking the bank.
5. Presents for your family
When you work hard, you deserve to play hard! And crippling electric bills shouldn’t get in the way of that all the time.
So every month once your solar savings come in, why not put a little bit away for a little treat for you and your family? Maybe a cute new toy for your toddler or a lovely date night dinner with your spouse?
The Bigger Picture
So yes, going solar helps you do your part for the planet and provide a healthier future for you and your loved ones but it also does so much more than that. It’s a simple yet powerful way for you to regain agency over your finances and finally gain some breathing room so you can do more of the things that really matter to you. Isn’t that what we all want at the end of the day?
If you’re interested in one of our community solar or rooftop solar solutions, reach out to us here and a member of our team will be glad to answer any of your questions!