How Much Does Solar Panels Save You Money

This is assuming a system size of 6 kilowatts which is common in the us.

How much does solar panels save you money.

The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system. A more universal way of looking at cost is to determine the cost per watt. 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. Most solar panels are sold for about 0 70 per watt if bought in bulk.

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. This is a nationwide average. So the sooner you take advantage of the full credit the better.

Solar panels cost money upfront but will save you money in the long term. The average cost of solar panels and their upfront cost can be offset by the federal tax credit which currently sits at 26 percent. It may seem obvious but access to sunlight is important. The credit could save the average homeowner 5 000 or more depending on the size of the system according to energysage a solar marketplace with a calculator to help estimate savings.

If you live in wick or kirkwall your annual savings might be closer to 600. A standard 4 kw solar installation offers savings of roughly 653 a year on average which means you could potentially offset a 55 month electricity bill to 0. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. 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.

Some states see even higher averages. On average installation and the system together can run between 15 000 and 25 000. Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar. After 2020 the tax credit will step down to 22 percent.

On average solar panels will save you over 1 100 per year on your electricity bills. These savings are very real and their relative strength depends on the availability of local city and state incentives.