Getting an electric car is a fantastic way to help the environment, reduce the cost of maintenance, and save money at the pump. The current average gas price in California is $3.68 for regular gasoline. For a car with a 15-gallon tank, it costs $55.20 each time to fill up your vehicle. Instead of using carbon-based fuels to fuel your vehicle, a fully electric vehicle like the Tesla S is powered by DC electricity. You charge your car battery at home or a charging station.
A regular outlet will allow you to charge at roughly 4 miles per hour.
220v Outlet or EV Charger that will allow you to charge at roughly 20-35 miles per hour.
Homeowners who get an electric vehicle and charge at home will see an increase in their electricity bills. They are swapping the cost of paying at the pump to paying for higher electricity costs. A survey conducted by CleanTechnica of more than 2,000 EV drivers in 28 countries showed that 28-40% installed solar on their homes.
One Tesla S owner in Tustin, California, quickly found that charging his home was adding $75/month to his electricity bill. John, another homeowner in Huntington Beach, California, with a Tesla X and a Tesla Model 3, saw an increase of $125 / month on his electricity bill per month.
Both homeowners were considering solar for their home for quite some time. What finally allowed them to take the plunge was that they realized when it came down to selling their home, the solar panels would raise his home’s resale value. On top of the generous federal incentives, solar panels can help increase your home’s resale value. Plus, solar panels can improve the speed at which your home sells. They found that even with a solar energy lease, they could be saving more money on electricity costs than doing nothing.
Anyone with a Federal Tax liability can take advantage of the 26% Federal Investment Tax Credit for solar energy systems. Unlike the tax credit for when you purchase an EV, the Residential Federal Investment Tax Credit (Federal ITC) can carry over to future years.
John in Huntington Beach was trying to reduce his $350 / month electricity bill. Based on his consumption, Forme Solar installed an 11.52 kW solar panel system consisting of 32 360Watt LG panels on the south-facing roof. The pre-tax cost-per-watt of the solar panel system was $2.65 per Watt, which is $30,528. The Federal Tax Credit is $7,937.28, which reduces his solar energy system cost to $22,590.72.
The most critical number for anyone considering solar (or any other money-saving home improvement) is the payback period. John went from spending $4,200 ($350 * 12 months) on average on his electricity bill to getting back a small refund at the end of the year. $22,590.72 divided by $4,200 means that the payback period of his investment is 5.38 years. Seeing a return on your investment in less than 7 (seven) years is a fantastic return on your investment.
Do your calculation to determine if solar is a good deal for you financially. Get estimates from multiple solar installers to evaluate your payback period. See if going solar makes financial sense for you and your home. It is vital to get estimates from several companies, including local solar companies, not just the national chains.
The local utility company, Southern California Edison (SCE), offers a time-of-use (TOU) plan. TOU means that electric rates are lower during off-peak hours. Time-of-Use is fantastic for EV drivers who can set their vehicles to charge during the cheapest rate period and stop charging during peak hours.
Of course, saving money isn’t the only reason to go solar. Going solar and an Electric Vehicle is the cornerstone to sustainability. Carbons-based fuels help power our automobiles, and a shift to an Electric Vehicle helps reduce the number of carbon-based fuels we consume every day. By coupling this with solar energy, we can further reduce our reliance on carbon-based fuels while saving money. The benefit to mother nature is more than enough reason to drive electricity and adopt solar.
Forme Solar’s mission is to help accelerate the adoption of renewable energy. We love the shift towards green energy, significantly if it can help our customers save a bit of green. From installing EV Chargers for Commercial and Residential properties to Solar Panels, we can help.