Both words have the same meaning, and both are polite enough. So they are interchangeable in most cases. '죄송합니다' is more formal, so it is usually preferred when speaking to an adult you met for the first time.. When dealing with someone you already are familiar with, '죄송해요' is probably better because it sounds softer.

It actually made a lot of sense, I really appreciate it! thank you

Both of 죄송합니다 and 죄송해요 are formal, i can say 죄송합니다 is more professional, used while talking to your boss for example, or your teacher, and 죄송해요 is used towards your parents, older people, the only thing i can say is 죄송합니다 is professional hhhh, I hope someone else give you a better answer ^^