How Much Did You Pay For Solar Panels

To sum it all up your electric bill after going solar is dependent on several variables which may vary depending on location.

How much did you pay for solar panels.

For instance in new york the price of solar panels is 12 264 16 044 for a 6 kw system for a residential home. So if you only used power generated by your solar panels the amount of electricity use on your bill would be zero. Electric companies determine how much power a customer has used over the course of a year. Data from the energysage solar marketplace shows that in 2020 solar shoppers who compare their options in the marketplace can achieve payback on their solar investment in about 8 years.

If your solar panel system is big enough to produce enough energy for all of your needs you can reduce that 120 bill to roughly 10. What you ll pay for solar panels varies by your state and the size of the solar panel system. Energy sage has a helpful list of average solar panel price ranges by state. These prices are after taking advantage of the 30 federal tax credit.

Solar incentives rebates and the federal tax credit. Moreover with a grid connected home solar system what the electric company does see is how much excess electricity your solar installation gives to the grid. If you use gas your solar panels won t cover the gas portion of your utility usage so you ll still need to pay for that as usual. Comparing quotes from multiple solar installers can actually help you go solar with a shorter payback period than the national average.

Eventually your system may produce enough power that the utility company will owe you money instead of the other way around. As of june 2020 the average cost of a 6 kw home solar system is about 3 20 per watt or 19 200 before incentives. Homeowners who want to go solar with 0 money down and as little hassle as possible. With installation an average residential 5kw size system costs between 3 and 5 per watt according to the cse which results in the 15 000 to 25 000 range.

If the customer has used less electricity than their solar system produced then the customer may receive a bill credit at the end of the year. That cost is before any tax credits. The solar leasing company services them and you receive the energy they produce while saving on your electric bill. The homeowner in our example will either need to pay cash or take out a solar loan for around that amount.

In certain circumstances an electric company pays for solar energy if their customer uses less energy than they generate from their solar system.