Do Solar Panels Save You Money

Rising property values lowered utility costs and the federal tax credit all ease the upfront costs of installing solar panels.

Do solar panels save you money.

This is assuming a system size of 6 kilowatts which is common in the us. To find out whether solar panels would save you money means to estimate your investment in a solar electric system. Such a task starts with calculating solar electricity production costs. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

Solar panels are the main building units of solar electric systems. One of the main advantages of installing solar panels is the reduction of your electric bill. Solar panels and solar panel systems will save you money and bring a return on your investment in no time. Well just look at this moxie customer s electric bill before going solar and after going solar.

On average installation and the system together can run between 15 000 and 25 000. However exactly how much you save is greatly influenced by where you live. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. There are two types of savings you ll find with solar.

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. Now back to the question of do solar panels save money. Do solar panels reduce electricity bills. That being said how much you ll save depends on a number of factors.

It may seem obvious but access to sunlight is important. Obviously if solar panels were to save you money it would come in the form of reduced electricity bills. Less power from grid a solar system helps you save because you won t be using as much electricity from the grid. The number of hours of direct sunlight the angle of your roof and the size of the panel all play an influential role in determining your savings.

On average solar panels will save you over 1 100 per year on your electricity bills. It is important to calculate the cost of electricity produced by your pv system. Short term savings are savings you ll see pretty much at the start of having your solar system turned on. Solar panels will usually help you save money on energy costs as long as you live in the same house for long enough to recoup the installation costs through savings on your power bill.

So yes you do save money. 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.