Solar power is a cost efficient, environmentally friendly alternative to traditional grid electricity. Since the 1970’s, the cost of electricity per kWh or kilowatt-hour has been rising. From only 0.02 cents in 1973 to roughly 0.16 cents in 2016. Specifically in New Mexico, electricity rates have increased by over 48% in the past 10 years alone! So as the cost of electricity rises, what’s the solution for homeowners? The answer is simple: solar.
The Price of Opting Out
For those who choose to forgo solar power and continue using traditional means, you’re missing out on serious savings!
Over a period of 25 years, a household with an electricity bill of $100/monthly will spend:
And that’s without taxes. With a low tax liability of 28%, you’d actually need to earn $79,545.17 over 25 years to pay your family’s electricity! That’s nearly a hundred thousand dollars over 25 years to keep the lights on! So how does solar add up?
After subtracting the investment cost of the solar system, which is roughly $22,204, you make a profit of:
- Estimated electric bill profit over 25 years: $57,273
- Plus profit from State Production Credit: $1,940
- Plus profit from State & Federal incentives: $8,882
- Plus profit from not paying sales or franchise tax on energy purchased: $1,145 = $69,240