High Electricity Rates, Energy And Fuel Savings
Installing a solar system that you have 100% ownership of pays off in many ways. Energy and fuel savings are just one. In Maui Hawaii, we are blessed with sunshine throughout the entire year. We also have the highest electricity rate in the nation. This makes Maui, and all of Hawaii, the ideal market for a renewable energy system to help protect customers from those high energy rates.
Projected Savings
Let’s take a look at the savings for the average customer with a $600 a month electric bill. With a solar system, they will save $600 a month. This comes out to $7,200 a year in savings. Over 10 years that is $72,000!
Hawaii electricity rates, on average, increase 3% a year, that amounts to an extra $18 a month or $216 for the first year. Over 10 years that means your bill could increase to $806.35 from $600 every month!
It’s easy to see how energy and fuel savings compound as electricity rates increase. Many savvy investors think of this as increasing dividends paid on your investment. Solar energy is an investment in your future. Returns compound over time while offering the added benefit of being one of the safest investments that a home owner or business owner can make. All of the returns on investment are practically guaranteed from the monthly savings on power. Federal and State Tax rebates and 4% to 5% home appreciation add to the energy security that solar provides the customer.
Increased Savings With EV Charging
The monetary returns are further increased and the return on investment is shortened when you include charging an electric vehicle from the solar system! Let’s use an average savings of $300 a month on fuel and plug it in to our numbers.
Saving an extra $300 a month on fuel charges will increase your savings up to $900 a month in the first year without the yearly 3% increase factored in. Just as your savings increase relative to annual energy cost increases, your cost of fuel savings increases relative to the the cost of gas increases. Your returns on the solar system are increased and you are protected from having to rely on expensive fuel for daily travel.
Contact us at Maui Sun Solar today to get started on your path to savings.
