Do Solar Panels Really Save You Money

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

Do solar panels really save you money. The advantages of installing solar panels include a contribution toward saving the planet saving money on electricity costs and even an increase in the equity of your home. Solar panels and solar panel systems will save you money and bring a return on your investment in no time. The simple answer to the question do solar panels really save you money is yes. 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.

On average installation and the system together can run between 15 000 and 25 000. It may seem obvious but access to sunlight is important. 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. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well.

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. Solar panels have many advantages and saving money is definitely one of them. 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.