How Much Money Solar Panels Save

If you re still unsure whether or not you could save money on your electricity bill with solar panels consider the different ways to pay for solar panels.

How much money solar panels save.

On average solar panels will save you over 1 100 per year on your electricity bills. According to the office of energy renewable energy eere the cost of solar has dropped every year since 2009 making it easier and easier for most people to save money with solar panels. Solar panels cost money upfront but will save you money in the long term 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. Some states see even higher averages.

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. This is assuming a system size of 6 kilowatts which is common in the us. The average cost of solar panels and their upfront cost can be offset by the federal tax credit which currently sits at 26 percent. These savings are very real and their relative strength depends on the availability of local city and state incentives.

For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. So the sooner you take advantage of the full credit the better. This is a nationwide average. After 2020 the tax credit will step down to 22 percent.