How Much Money Do Solar Panels Save

Most solar panels are sold for about 0 70 per watt if bought in bulk.

How much money do solar panels save.

There are two types of savings you ll find with solar. Even if your electricity rates aren t as high as california prices going solar can still save you money. It may seem obvious but access to sunlight is important. How much money do solar panels save you in electric bills.

On average installation and the system together can run between 15 000 and 25 000. Going solar will affect your finances but in a good way. 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.

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. Most homeowners are paying about 1 5 per watt a 50 decrease from just a couple of years ago. But the true cost of solar panels and whether they ll help you save money depends on a few key factors. Now the fun part.

A more universal way of looking at cost is to determine the cost per watt. 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. Solar panels cost money upfront but will save you money in the long term. For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually.

A 6 000 watt solar system should produce 13 000 kilowatt hours per year which would save you the equivalent of 150 to. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. The thing to look at is how much it can save you and how soon you can start saving. 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.

Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar. So the sooner you take advantage of the full credit the better. After 2020 the tax credit will step down to 22 percent. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system.