Does Solar Panels Really Save You Money

Using solar energy in place of grid electricity can save money on the monthly electricity bills.

Does solar panels really save you money.

Though solar panel installation is quite an investment the overall benefit offsets the one time high investment. The simple answer to the question do solar panels really save you money is yes. Rising property values lowered utility costs and the federal tax credit all ease the upfront costs of installing solar panels. 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.

Solar panels cost money upfront but will save you more money in the long term. 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. There are state and federal tax exemptions and incentives for homeowners and business owners who use a solar panel system. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system.

Solar panels and solar panel systems will save you money and bring a return on your investment in no time. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. It may seem obvious but access to sunlight is important. 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. Even with the federal investment tax credit itc which is worth 26 percent of the installation cost in 2020 and 22 percent in 2021 and various state or local rebates there s usually still a. The credit could save the average homeowner 5 000 or more depending on the size of the system according to energysage a solar marketplace with a calculator to help estimate savings. Solar panels have many advantages and saving money is definitely one of them.