7 Terms to Help You Understand Your Potential Solar Savings
Combined Bill – Your solar costs (lease, financed, loan, etc.) and your utility bill combined. Utilities will still charge a small fee to be connected to the grid. This, in addition to your solar expenses, is your Combined Bill.
Cumulative Solar Savings – The difference between if you go solar and if you stay on your current utility plan is your savings. The savings accumulate as time goes on. Each month you add to this amount, totaling your cumulative savings.
Day 1 Savings – The difference in the amount you would pay your utility and what you pay on your first day with your solar system turned on. Depending on your financing choice (lease, loan, cash payment, etc.) your Day 1 Savings can be quite small or quite large.
Electric Bill After Solar – This is the remaining amount due to the utility company after you use your solar energy and net energy credits. If your solar system only produces a portion of your energy needs, the remainder is pulled from and billed by the utility. In addition, there are non-bypassable charges that are due to the utility regardless of your energy usage or needs.
Electric Bill Reduction – The amount your electricity bill decreases when you install solar on your home. This varies depending on your financing choice (lease, loan, cash payment, etc.).
First Year Solar Savings – The amount of money you save after one year of having solar compared to if you remained on the traditional energy grid.
Monthly Solar Savings – The amount less you pay each month after you go solar. This is your traditional bill minus the expenses you have with your solar system on a per month basis.
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