How Much Money Solar Panels Save

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.

How much money solar panels save.

These savings are very real and their relative strength depends on the availability of local city and state incentives. This is assuming a system size of 6 kilowatts which is common in the us. But the true cost of solar panels and whether they ll help you save money depends on a few key factors. 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.

So the sooner you take advantage of the full credit the better. After 2020 the tax credit will step down to 22 percent. Going solar saves versus traditional energy costs per the us energy administration the current average cost of electricity from the traditional grid is 12 75 cents per kilowatt hour kwh. 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. On average solar panels will save you over 1 100 per year on your electricity bills. 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. 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.