Do Solar Panels Save Money On Electricity

The simple answer to the question do solar panels really save you money is yes.

Do solar panels save money on electricity.

Even if your electricity rates aren t as high as california prices going solar can still save you money. Solar installation for the home is one of the best options for lowering your energy bills and saving money on your long term utility expenses. Saving money by reducing your electricity bill by cutting down the amount of energy you use is no fluke. Direct hours of daily sunlight and the size and angle of your roof are both important but local electricity rates play the biggest role in determining how much solar can save you.

Solar panels give you the ability to save money by creating a natural source of energy that has the ability to power your home and heat your pool. 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. Most homeowners already know it. These savings are very real and their relative strength depends on the availability of local city and state incentives.

But the true cost of solar panels and whether they ll help you save money depends on a few key factors. On average solar panels will save you over 1 100 per year on your electricity bills. One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. 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.

What doesn t get talked about quite so much is what to expect from your bills after you install solar power. That means homeowners but not renters can subtract the credit from the federal income taxes they owe in effect reducing the price of their solar purchase by nearly one third. On average installation and the system together can run between 15 000 and 25 000. With solar power there is virtually no pollution.

This is assuming a system size of 6 kilowatts which is common in the us. Instead of saving energy solar power might be able to save you a nice chunk of change. For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. How solar power may save you money.

Solar panels can indeed save on your electricity bills but the amount you save will vary widely based on several factors. There are two types of savings you ll find with solar. On average homeowners can expect to save about 150 to 200 a month but this is dependent on location and the suitability of your house for solar panels.