Does Solar Panels Really Save You Money

Even if your electricity rates aren t as high as california prices going solar can still save you money.

Does solar panels really save you money.

Solar panels cost money upfront but will save you more money in the long term. Rising property values lowered utility costs and the federal tax credit all ease the upfront costs of installing solar panels. There are state and federal tax exemptions and incentives for homeowners and business owners who use a solar panel system. Though solar panel installation is quite an investment the overall benefit offsets the one time high investment.

That being said how much you ll save depends on a number of factors. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. Solar panels have many advantages and saving money is definitely one of them. But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

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. 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 and solar panel systems will save you money and bring a return on your investment in no time. There are two types of savings you ll find with solar.

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. Using solar energy in place of grid electricity can save money on the monthly electricity bills. It may seem obvious but access to sunlight is important. On average installation and the system together can run between 15 000 and 25 000.