Do solar panels save money?The simple answer is yes. However, it’s important to remember that the amount of savings a solar photovoltaic system can provide depends on several factors, including; the hours of sunlight exposure you receive daily, the size and scale of your system, the electricity rates in your area as well as your energy consumption.
How much does solar cost?Cost vs. Savings
The average cost of a solar energy system can range widely depending on many factors, including the size of the system, the location and place, and the type of solar panels and inverters used. Fortunately, significant cost savings are available through the federal Investment Tax Credit (ITC), which allows system owners to write off 30% of the cost of their solar energy system installation from their federal taxes.
The demand of a typical American home is around 890 kWh of electricity per month. In comparison, the average size of a residential solar PV system in the U.S. is about 6 kW and capable of producing approximately 720 kWh to 900 kWh per month. This means under ideal conditions, the average system owner may see between 80 to over 100 percent of their monthly electricity demand covered by their solar PV systems production. Those monthly savings can equate to between $20,000 and $75,000 in electricity over the lifetime of a solar panel system.
If you’re interested in saving on your electric bill by making the move to environmentally friendly, clean, renewable solar energy, contact an All Energy Solar representative.