Overview
Are you a Panama, Oklahoma resident looking to save money on your electricity bills? Installing solar panels on your home could be the solution you have been looking for. With the abundant sunlight in Panama leading to high UV ratings, low cloud cover, and relatively low precipitation levels, solar panels are a smart financial investment. By breaking down the cost of a solar system and estimating the time it will take to break even based on local weather data and electricity costs, we will show you how you can start saving money with solar power.
Panama Oklahoma Weather Trends
Panama Precipitation
With Panama receiving 54.96 inches of precipitation in the last year, it is clear that the area experiences a moderate amount of rainfall. Compared to the national average of 50.61 inches, Panama is slightly above average, indicating a healthy amount of water for the solar panels to efficiently produce electricity. Furthermore, when compared to the rest of Oklahoma where the average is 46.74 inches, Panama stands out as a location with more precipitation, making it an ideal place for solar energy production.
Panama’s UV Rating
With an average UV rating of 5.17, Panama experiences a high amount of sunlight throughout the year. This places Panama in the 82nd percentile in the nation, indicating a strong potential for solar energy generation. Compared to the national average of 4.29 and Oklahoma’s average of 5.2, Panama’s UV rating stands out as above average, making it a prime location for homeowners to take advantage of solar panel benefits. Additionally, with an average max UV rating of 5.7, Panama has even greater potential for efficient solar energy production.
Panama’s Cloud Cover
With an average of 36% cloud cover in the last year, Panama experiences relatively clear skies, especially when compared to the national average of 44.46% and Oklahoma’s average of 33.43%. This means that solar panels in Panama receive more direct sunlight, leading to increased energy production and savings for residents. Additionally, with 160 days of low cloud cover, 96 days of moderate cloud cover, 63 days of high cloud cover, and 45 days of full cloud cover, Panama offers a diverse range of conditions that are generally conducive to solar power generation.
Panama Oklahoma Electricity Costs
Panama residents pay about $0.09/kw for electricity, making it one of the most affordable places in the nation and Oklahoma to power their homes. Compared to the national average of $0.13/kw and Oklahoma’s average of $0.11/kw, Panama offers residents significant savings on their electricity bills by switching to solar power. With lower electricity costs, installing solar panels in Panama is not only financially wise but also environmentally beneficial, helping residents reduce their carbon footprint and contribute to a cleaner, greener community.
When could you expect to break even on a solar installation in Panama Oklahoma?
Considering the weather and electricity costs in Panama, Oklahoma, let’s break down the investment in solar panels and see how long it would take to make up the initial cost.
First, let’s look at the weather data:
- Panama gets slightly more rain than the national average, but it still has plenty of sunshine for solar panels to be effective.
- The UV ratings in Panama are higher than the national average, making it a good location for generating solar power.
- Cloud cover in Panama is lower compared to the national average, with many days having clear skies for solar panels to work efficiently.
Now, let’s consider the electricity costs:
- Residents in Panama pay less for electricity compared to the national average, which means the savings from using solar power will be slightly lower.
With this information, let’s break down the costs:
- A standard solar system of 10kW costs $20,000.
- This system is expected to last between 25 and 30 years.
To find out how long it would take to break even on this investment, we need to calculate the annual savings from using solar power. Here’s how:
- The system generates electricity, reducing the amount needed from the grid and resulting in savings on electricity bills.
- With Panama’s lower electricity rates, the savings will be slightly less compared to areas with higher rates.
After analyzing the data, it is estimated that it would take around 7-9 years to cover the initial cost of the solar panels in Panama, Oklahoma. This means that after this period, the savings on electricity bills will start to accumulate and offset the investment. Given the long lifespan of solar panels, these savings will continue for many years beyond the payback period. Investing in solar power is a cost-effective way to save money and contribute to a greener environment.
Investing in solar power in Panama Oklahoma
Installing solar panels in Panama, Oklahoma is a smart financial decision for residents looking to save money on their electricity bills. With the area experiencing high UV ratings, low cloud cover, and relatively low precipitation levels, solar panels are an ideal investment. By analyzing the local weather data and electricity costs, it is estimated that residents could break even on the initial cost of solar panels in 7-9 years. This means that after this period, the savings on electricity bills will start to accumulate and offset the investment, offering long-term financial benefits and contributing to a cleaner, greener community.