Solar panels are great for the environment, but do they really save you money? The answer is yes. Solar panels can save the average homeowner about $20,000 but can range from $10,000 to $30,000 over the lifetime of a solar system according to EnergySage.
Their article says the amount of savings you will receive with solar depends on a number of factors. The number of solar panels your roof will hold, daily sunlight hours, and the angle of your roof are the biggest determining factors.
Another well-known source in the finance and energy industry, Nerd Wallet, had this to say about savings with solar panels. “On average, installation and the system together can run between $15,000 and $25,000, according to the Center for Sustainable Energy… Location largely affects electricity rates. The national average is about 13 cents per kilowatt-hour, according to year-to-date 2021 data from the U.S. Energy Information Administration.”
Their article reminds homeowners of the 26% tax credit that is available if you install solar panels before Dec 31, 2022. And that solar tax credits and incentives like property tax exemption, cashback, and expedited permits may be available depending on your city and state.
Solar Reviews says “The average 6 kW solar panel system installed anywhere in the country will save you about $1,500 on your electricity bills annually.” With the average homeowner paying about $1,390 in electricity every year, why not install solar and put that money back in your pocket?
Welcome Arcadia broke the costs down even further by stating that the average homeowner can expect to save about $100 per month. Their article states, “That means installing a solar panel system that can cover 100% of your needs would result in over $100 in potential savings every month.”
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