One of the biggest questions we receive is ‘Do you really save money with solar panels?’. The federal solar tax credit saves the average homeowner $5,000 to install solar according to The Penny Hoarder. The federal tax credit can save you 30% off the installation and some states will even give you up to a $1,000 tax credit making your solar installation cheap so you save even more.
How Much Do Solar Panels Save on Electricity Bills?
According to Solar Reviews, “This means that if each home was to install enough solar panels to cover their electricity bill then on average the savings from installing a residential solar system in America in 2018 would run to $1,401 per year.”
Can solar panels eliminate electric bill?
Solar panels can eliminate your electric bill or reduce it enough that your electricity costs are low. By installing a solar system you can fix your utility costs with your utility company and lock in your rates.
Are Solar Panels Worth It?
Yes, solar panels are absolutely worth it. Solar panels can increase your home value by 2-3%, save you up to 100% on electricity, eliminate your electric bill, and more! The federal government will take care of 30% of the cost and your local state government (depending on where you live) will usually chip in another $1,000 or so.