Do You Save With Solar Panels

Even if your electricity rates aren t as high as california prices going solar can still save you money.

Do you save with solar panels.

For an average sized 6kw solar system installed anywhere in the country solar panels will save about 1 500 annually. There are two types of savings you ll find with solar. 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. The simple answer to the question do solar panels really save you money is yes.

That being said how much you ll save depends on a number of factors. What do solar panels cost and are they worth it. Before you invest in solar panels you ll want to estimate your cost savings. Several factors go into figuring out your savings including.

One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. The amount of money you can save with solar depends upon how much electricity you consume the size of your solar energy system if you choose to buy or lease your system and how much power it is able to generate given the direction your roof faces and how much sunlight hits it. 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. Size of your system.

Review your electric bill. 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. 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.

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. These savings are very real and their relative strength depends on the availability of local city and state incentives. More sun means more energy produced and a greater potential to save with solar. How much do you save with solar panels today.

Evaluate your sunlight exposure. Solar panels generate their own power and can therefore greatly offset your monthly. Amount of electricity you use. How much money you can save also depends on how much power your system can generate.