How Much Do Solar Panels Save You a Month?

There’s a major shift going on in the United States; by 2035, the US estimates to produce 40% of its energy usage with solar panels.

Now that’s a big statement, but what does that mean for you?

Well, it means that solar panel savings are at an all-time high, with the cost of production dropping and the government pushing major incentives. What you might ask yourself now is, “How much do solar panels save?”

The short answer: it’s a lot. For more information on just how much you could save with solar energy, continue reading.

Saving by Reducing Energy Bills

When asking “how much do solar panels save,” this is the big one; you’ve heard of people seeing a return on their entire electrical bill when they switch to a solar system. But how much are they actually saving?

In fact, it’s not out of the question for someone to save 100% of their electrical bill by going solar. While this can vary depending on the size of their solar array (the series of panels on their roof), people are saving over $125 a month on their utilities. That’s $1,500 a year on average!

While this number is already impressive in its own right, it only gets better over time. With a life expectancy of 25 years, your solar system can save you nearly $37,000. That’s more than enough to pay for the array and still see massive returns.

Increase in Property Value

Not only will your solar panels save you money on electricity, but the upgrade will greatly increase the value of your home. people in the US are finding their properties increase by over $9,000 on average. With the typical solar system costing just over $13,000 with incentives, the benefit to your equity nearly pays for the array on its own.

Government Incentives

Not only do people find returns on their utilities and in their property value, but the federal and state governments are helping push solar energy by offering incentives. Those that purchase a residential solar array for their home in 2022 qualify for a 26% return in the form of a tax credit. On a system that would typically cost $20,000, that’s over $5,000 back during tax season.

In some cases, people are even earning money on their system. Depending on where you live, some cities and states will pay homeowners for their excess solar energy if they connect to the power grid. Those interested in this option will need a strong power bank.

Finding the Best Returns on your Solar Panels

To maximize the amount of savings in relation to the cost of your solar array, you’ll want to work with quality solar power companies. With the industry currently booming, new installation companies are forming all the time. Established solar companies are already networked and have a history of providing their customers with good service.