How Much Money Save Solar Panels

Solar panels cost money upfront but will save you money in the long term.

How much money save solar panels.

These savings are very real and their relative strength depends on the availability of local city and state incentives. Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar. On average installation and the system together can run between 15 000 and 25 000. Most homeowners are paying about 1 5 per watt a 50 decrease from just a couple of years ago.

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. 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 solar panels will save you over 1 100 per year on your electricity bills. 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.

There are two types of savings you ll find with solar. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system. This is assuming a system size of 6 kilowatts which is common in the us. After 2020 the tax credit will step down to 22 percent.

Most solar panels are sold for about 0 70 per watt if bought in bulk. So the sooner you take advantage of the full credit the better. 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. Balance of system bos is a term that essentially refers to all the extraneous equipment that is needed outside of the solar panels themselves.