How Much Money Will Solar Panels Save

If you re still unsure whether or not you could save money on your electricity bill with solar panels consider the different ways to pay for solar panels.

How much money will solar panels save. 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. This is assuming a system size of 6 kilowatts which is common in the us. But the true cost of solar panels and whether they ll help you save money depends on a few key factors. There are two types of savings you ll find with solar.

Even if your electricity rates aren t as high as california prices going solar can still save you money. On average installation and the system together can run between 15 000 and 25 000. After 2020 the tax credit will step down to 22 percent. 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.

So the sooner you take advantage of the full credit the better. On average solar panels will save you over 1 100 per year on your electricity bills. Cambridge s new solar tool shows residents and businesses how much sunshine their rooftop gets and how harnessing it will affect their bottom line.