Answer:
The amount of money saved is $22,075.2
Explanation:
The solar voltaic energy in Phoenix, S = 6,720 Wh/m²/day
The area on the roof available for solar panels, A = 500 m²
The percentage of the energy received by the solar panels converted into electricity, η = 15% = 0.15
The cost of electricity, C = $0.12/kWh
The number of days in a year, t = 365 days
Therefore, the maximum area covered by the solar panel = A = 500 m²
The total solar photovoltaic energy received by the solar panels, 'E', in a year is given as follows;
E = S × A × t
By plugging in the values of the variables, we get;
E = 6,720 Wh/m²/day × 500 m² × 365 days = 1,226,400,000 Wh
The electrical energy generated, = η × E
∴ = 0.15 × 1,226,400,000 Wh = 183960000 Wh = 183,960 kWh
The amount of money saved = The cost of electricity generated = C ×
C × = $0.12/kWh × 183,960 kWh = $22,075.2
∴ The amount of money saved = C × = $22,075.2