How Much Money Do You Save With Solar Panels

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

How much money do you save with solar panels.

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. Some states see even higher averages. 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 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. This is a nationwide average. 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.

After 2020 the tax credit will step down to 22 percent. The electricity rates in your area compensation to you from your energy provider and how much energy you use all figure into the calculation. 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 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.

If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. Start comparing custom quotes on the energysage marketplace to see your estimated savings from solar.