How Much Money Save Solar Panels

For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually.

How much money save solar panels. 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. Even if your electricity rates aren t as high as california prices going solar can still save you money. 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. Solar panels cost money upfront but will save you money in the long term.

But the true cost of solar panels and whether they ll help you save money depends on a few key factors. 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. After 2020 the tax credit will step down to 22 percent. The average cost of solar panels and their upfront cost can be offset by the federal tax credit which currently sits at 26 percent.

On average installation and the system together can run between 15 000 and 25 000. Balance of system bos is a term that essentially refers to all the extraneous equipment that is needed outside of the solar panels themselves. On average solar panels will save you over 1 100 per year on your electricity bills. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system.

Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar. This is assuming a system size of 6 kilowatts which is common in the us. There are two types of savings you ll find with solar. Most solar panels are sold for about 0 70 per watt if bought in bulk.