How Much Money Do Solar Panels Save

How much money do solar panels save you in electric bills.

How much money do solar panels save.

Solar panels cost money upfront but will save you money in the long term. Now the fun part. Going solar will affect your finances but in a good way. If you live in a state like california where the solar costs are considerably lower than electricity costs you can most definitely save money with solar.

The thing to look at is how much it can save you and how soon you can start saving. But the true cost of solar panels and whether they ll help you save money depends on a few key factors. A 6 000 watt solar system should produce 13 000 kilowatt hours per year which would save you the equivalent of 150 to. Most solar panels are sold for about 0 70 per watt if bought in bulk.

In general you could save between 10 000 and 70 000 depending on where you live over the course of the usual warranty period for a solar array 25 years. There are two types of savings you ll find with solar. So the sooner you take advantage of the full credit the better. This is assuming a system size of 6 kilowatts which is common in the us.

The estimate also considers the average sunshine available in the country and the average electricity price of 13 34 cents per kilowatt hour reported by the energy information administration. On average installation and the system together can run between 15 000 and 25 000. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. Even if your electricity rates aren t as high as california prices going solar can still save you money.

On average solar panels will save you over 1 100 per year on your electricity bills. Most homeowners are paying about 1 5 per watt a 50 decrease from just a couple of years ago. For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system.

It may seem obvious but access to sunlight is important. The credit could save the average homeowner 5 000 or more depending on the size of the system according to energysage a solar marketplace with a calculator to help estimate savings. These savings are very real and their relative strength depends on the availability of local city and state incentives. Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar.