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Solar vs. grid power: how much can you save?
Electricity rates are on the rise. The U.S Energy Information Administration (EIA) estimates that electricity prices in the U.S. rose 6.2% in 2023 alone.
Homeowners across the country are looking for ways to reduce their energy costs and many are turning to solar energy. But just how much can you save with solar and is it worth the investment?
Solar customers can often save tens of thousands of dollars over the lifespan of their solar system. To determine exactly how much you can save, you’ll have to do a little math.
Compare your current cost per kW from Duke Energy Kentucky with the cost per kW of your solar system. Then calculate your monthly or yearly expenses across a 25-year period. Finally, subtract your total cost of energy with solar from your total of energy from the grid to determine your savings
A simpler way to estimate your savings potential is to compare your current monthly energy costs with your projected solar payments. If your energy costs are higher than your solar payments, there is a good chance you will see savings.
At Solar Cost Calculator, we suggest that anybody paying more than $100 a month for electricity should consider solar.
What solar incentives Duke Energy Kentucky does offer?
Category : Financial Incentive
Website : https://www.duke-energy.com/business/products/smartsaver
Applicable Sectors : Commercial, Industrial, Schools, Federal Government, Agricultural
Incentive Amount : Agricultural equipment: Varies widely by type Programmable Thermostats: $50 Demand Control Ventilation: $0.10 per sq. ft. Air Conditioners: $15 - $206 per ton, varies by size and efficiency Heat Pumps: $14 - $110 per ton, varies by size, type, and efficiency Cooking Equipment: Varies widely by type Dish Washing Equipment: $60 - $1,025, varies by type Upgrades to Improve Operation of Existing Heating and Cooling Equipment: Varies widely by type Upgrades to Existing Refrigeration Equipment: Varies widely by type Variable Speed Air Compressor: $50 per HP Process Pumping: $40 - $400 per pump, varies by HP
Implementing Sector : Utility
Category : Financial Incentive
Website : https://www.duke-energy.com/home/products/smart-saver
Applicable Sectors : Residential, Multifamily Residential
Incentive Amount : Heat Pump Water Heaters: $350/unit Central Air Conditioning or Heat Pump: $265-$365/unit Air Source Heat Pump: $365-$465 Geothermal Heat Pump: $465/unit Variable Speed Pool Pumps: $300/unit Attic Insulation and Attic Air Sealing: $250/unit Duct Sealing: $100/unit
Implementing Sector : Utility
Installing and connecting your solar system
When you install a solar system in Duke Energy Kentucky territory, these are steps you can expect to go through:
Once you’ve hired a contractor, you will need to communicate with Duke Energy Kentucky to prepare the interconnection paper. Your contractor will handle most of these responsibilities
After the interconnection agreement has been finalized, your contractor can begin the installation process.
Once your system is installed, it needs to be inspected for safety and code compliance.
After the final inspection, you will receive a written notice within a few days that your system is approved to operate. You can turn on the system yourself or you can contact your installer for further assistance.
Most homeowners prefer to do it themselves. The whole process should only take 10 - 15 minutes.
Is solar worth it for Duke Energy Kentucky customers?
The short and sweet answer is a resounding YES. Going solar is definitely worth it for Duke Energy Kentucky customers. The average homeowner in _UtilityCompanyName_ can save an estimated #### over the lifespan of their solar system.
Going solar is a long game so you need to think several years ahead. It can take a few years to hit your break even period. But between net metering and solar incentives, you can drastically reduce that timeframe.
Want to get an idea for what it will cost you to go solar with Duke Energy Kentucky? You can use our Solar Cost Calculator to generate a customized estimate instantly. We take into consideration a wide range of criteria including location, electric bill, roof size, and other factors. Try it out today and start planning for your future.
