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How Much Will Solar Panels Save Me in the Long Run? [2024]

by businessian

Will Solar Panels Save Me in the Long Run?

Did you know the US has more than 2 million solar installations as of 2019? These numbers are anticipated to double by 2023.

While solar energy is sweeping the nation (and the world), it still can seem a little confusing for people that haven’t had much exposure to it. After all, it’s still a fairly new technology.

You likely have specific questions about how it all works. How much will solar panels save me? Are they actually worth the high upfront cost?

Keep reading to learn everything you should know before making the investment.

What Is the Cost of Solar Panels?

The average cost of solar panels in terms of purchasing the system and getting it installed is between $15,000 and $25,000.

This figure comes before any sort of tax incentives that you may be eligible for, however, so the actual price could be a little less if you factor those credits in also. The size of the system you choose to get is going to greatly impact the cost as well.

You can get help from local pros to figure out how much your solar installation cost will actually be.

However, with that being said, the average price per watt for a solar panel is around $3. You need to know how much electricity you use before investing in solar so that you can figure out what your average electric bill with solar panels will be.

Otherwise, it’s hard to say how many solar panels you’ll actually have to purchase upfront and what the cost will actually look like.

How Much Will Solar Panels Save Me?

One of the biggest reasons that a person decides to install solar panels is that they want to save money. Some of the factors to consider to figure out how much you’ll actually save include:

  • Solar system size
  • Location and amount of sunlight
  • Own or lease the system
  • Size of the roof
  • Angle of the roof
  • Electricity use
  • Local electricity rates

Regardless of those factors, however, solar panels will provide more money for you later if you decide to sell your home with solar attachments. People are willing to pay as much as $14,000 more for a house that has solar technology.

The amount of money that you’ll be able to save with  panels directly is going to depend mainly on how much electricity your home uses. However, the other factors mentioned above are also very important in determining the savings. You can use a solar panel savings calculator to get more information on a specific amount.

Is It Worth It?

With more information to the main questions “how much will solar panels save me?” and “what do the costs look like?,” you’re more prepared to make a decision on investing in solar panels or not. For many homeowners, it is well worth the time and effort to get solar energy into their home sooner rather than later.

Did you find this information useful? If so, be sure to take a look at some of the other interesting articles we have on our website.

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