Do Free Solar Panels Save You Money

Money saving expert looks at whether you should get free solar panels or pay to have them installed.

Do free solar panels save you money. How much money do solar panels save you on electric bills. Since you ll be generating most of your home s power getting solar panels installed saves you lots of money. This is assuming a system size of 6 kilowatts which is common in the us. On average installation and the system together can run between 15 000 and 25 000.

Rising property values lowered utility costs and the federal tax credit all ease the upfront costs of installing solar panels. Investing in solar panels is a long term investment but they pay for themselves relatively quickly. Solar panels can pay out 1 000s. For example the average annual electricity use required for a u s.

The first step to understanding how much solar can save you is to calculate how much you are currently spending on electricity every year. Household is 10 972 kilowatt hours kwh. One of the biggest drawbacks of free solar panels is that because you do not own the solar system you cannot take advantage of the federal solar tax credit the federal solar tax credit also known as the investment tax credit itc allows you to save 26 on the cost of a solar system. The estimate also considers the average sunshine available in the country and the average electricity price of 13 34 cents per kilowatt hour reported by the energy information.

Solar panels can pay out 1 000s. Solar panels and solar panel systems will save you money and bring a return on your investment in no time. The truth is solar is a great investment and will save you tens of thousands of dollars over their lifetime. On average solar panels will save you over 1 100 per year on your electricity bills.

But the true cost of solar panels and whether they ll help you save money depends on a few key factors. Less power from grid a solar system helps you save because you won t be using as much electricity from the grid. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors.