How Much Money Does 1 Solar Panel Save

Even if your electricity rates aren t as high as california prices going solar can still save you money.

How much money does 1 solar panel save. The amount of money you can save will vary depending on your house. The size of your solar energy system its exposure to direct sunlight and the incentives available in your area will all affect how much your system will cost you and how much money it will save you. This means that if enough solar panels were to be installed to cover the average electricity usage across the country average solar panel system savings for any home in america in 2020 would be about 1 450 per year. 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.

Solar panels take up about 30 of the total cost for residential solar systems. And depending on the type of solar panel you get the costs may vary widely. But that doesn t mean that the best quality solar panels are the most cost effective. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

Short term savings are savings you ll see pretty much at the start of having your solar system turned on. A more universal way of looking at cost is to determine the cost per watt. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system. This is assuming a system size of 6 kilowatts which is common in the us.

A 6 000 watt solar system should produce 13 000 kilowatt hours per year which would save you the equivalent of 150 to 200 per month in electricity in most areas says todd verk vice president. On average installation and the system together can run between 15 000 and 25 000. Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar.