How Much Money Save Solar Panels

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.

How much money save solar panels.

The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system. There are two types of savings you ll find with solar. After 2020 the tax credit will step down to 22 percent. Even if your electricity rates aren t as high as california prices going solar can still save you money.

These savings are very real and their relative strength depends on the availability of local city and state incentives. The average cost of solar panels and their upfront cost can be offset by the federal tax credit which currently sits at 26 percent. For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

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. Most solar panels are sold for about 0 70 per watt if bought in bulk. Solar panels cost money upfront but will save you money in the long term.

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