How Much Money Will Solar Panels Save

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 will solar panels save.

This is assuming a system size of 6 kilowatts which is common in the us. On average solar panels will save you over 1 100 per year on your electricity bills. There are two types of savings you ll find with solar. Cambridge s new solar tool shows residents and businesses how much sunshine their rooftop gets and how harnessing it will affect their bottom line.

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