How Much Money Will Solar Panels Save Me

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.

How much money will solar panels save me. A more universal way of looking at cost is to determine the cost per watt. 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. This is assuming a system size of 6 kilowatts which is common in the us. Most solar panels are sold for about 0 70 per watt if bought in bulk.

Some states see even higher averages. On average solar panels will save you over 1 100 per year on your electricity bills. On average installation and the system together can run between 15 000 and 25 000. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well.

But the true cost of solar panels and whether they ll help you save money depends on a few key factors. 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. Key takeaways for an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. These savings are very real and their relative strength depends on the availability of local city and state incentives.

This is a nationwide average.