How Much Money Do You Save With Solar Panels? A Quick Guide

how much money do you save with solar panels

In recent decades, solar panels have grown in popularity. Although they were initially considered expensive and impractical by many, several changes occurred.

In the 2010s, solar panels became less expensive and more efficient. In 2022, you can buy solar panels for lower costs than anybody in years past.

As solar panels became more popular, they also became the gold standard for energy efficiency. When people think of living a green lifestyle, solar panels usually take center stage in their vision.

Nevertheless, some people still question how effective solar panels are. They ask, “how much money do you save with solar panels?”

If this is your concern, you’ve come to the right place! We’ll explore how much money solar panels can save you in the guide below.

How much money do you save with solar panels?

When people talk about solar panel savings, they refer to avoided energy costs. In other words, how much money would you have to pay on your energy bill without residential solar panels? 

The answer is often “a lot.” It’s no secret that electricity prices frequently increase. Generating your electricity through solar panels can save you tremendous amounts of money. 

For example, the average US residential utility customer uses roughly 10,700 kilowatt-hours (kWh) each year. Broken into months, this comes to about 877 kWh monthly. 

Multiply these figures by the average electrical rate of 13 cents per kHw. You’ll find that the typical American household spends roughly $1,400 each year on electricity. 

If you install enough panels on your home to generate all your electricity, you could save close to $1,400 annually on energy bills. Doesn’t that excite you?

Different locales may increase their savings based on how much sun they receive. More sun exposure helps panels to function more efficiently. Fortunately, you can save with Blue Raven solar, as they serve communities across the country. 

How much are solar panels worth?

Most people get excited when they hear how much solar panels can save them each month. However, some follow up by asking, “Sure, I can cut out my energy bill. But, how much will I have to spend on my solar panels?”

This is a fair question, which we hope to answer here. On average, the average American solar panel installation costs roughly $20,000. 

Several factors affect this. You could find lower costs depending on your location and the installation company. 

So, let’s say you pay between $15,000-$20,000. Is this a worthwhile purchase? Will you still save more than you spend?

The answer is yes. Let’s say you spend an average of $1,400 each year on electricity. 

If you pay this each year for fifteen years, you’ve spent $21,000. Now, let’s say you get a $ 20,000-panel system. Within fifteen years, you’ll have paid off that system. If you live in the house for another ten years, you may have saved an extra $14,000!

Find the Best Home Solar Panels Today!

The question, “How much money do you save with solar panels?” is a legitimate concern. However, as you can see, solar panels can pay for themselves in a short time. 

So, don’t hesitate! Find the best solar panel installer near you.

We hope you enjoyed this article! If so, check out our other content today.

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