How much do solar panels save?

How much you actually save depends on many factors, including your power usage, local electricity rates, the size of your system, and how your utility bills solar customers. The average 6 kW solar panel system installed anywhere in the country will save you about $1,500 on your electricity bills annually.

How much does a 6 kW solar system save?

The average 6 kW solar panel system installed anywhere in the country will save you about $1,500 on your electricity bills annually. Solar savings are very real, but exactly how much you save depends on the availability of local, city, and state incentives.

Can solar panels save you money on electric bills?

When you multiply that by the national average electricity rate of $0.17 per kWh, you’ll find that the typical American family has a monthly electric bill of around $152. This means if enough solar panels were installed to cover this electricity usage, the average household could save almost $1,820 a year on electric bills!

Can a solar loan save you money?

Solar loans can provide immediate energy cost savings by replacing your electricity bill payments with lower solar loan payments. However, in the long run, the interest reduces how much you can save with solar panels.

How much money do solar panels make a year?

In fact, the average profit enjoyed by most solar customers over the life of their systems is over $31,513, and again, that’s after the panels pay for themselves. It’s important to note that these numbers are just averages, and there are a few key factors that can affect your costs and savings projections.

Are solar panels a good investment?

Solar panels are an expensive initial investment but provide significant savings on energy bills over time. Depending on your area's electricity costs, you could save between $34,000 and $120,000 over the lifetime of your solar panel system. The higher your local electricity prices, the greater your potential for solar savings.