Do Solar Panels Save Money Reddit

Learn how you can reduce your electric bill by 65 on solar home savings site.

Do solar panels save money reddit. If you live in a state like california where the solar costs are considerably lower than electricity costs you can most definitely save money with solar. 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. Aside from the usual benefits you will add value to your home i ve heard 10 20k is the median but it depends on your neighborhood state etc.

The simple answer to the question do solar panels really save you money is yes. Solar panels will usually help you save money on energy costs as long as you live in the same house for long enough to recoup the installation costs through savings on your power bill. Discussion of solar modules solar energy solar power solar heating pv off grid systems and more. Solar technology is perhaps the greatest development of the modern age.

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. Solar panels do two things that are not commonly mentioned. If your roof is deeply shaded by trees mountains or buildings solar panels won t work well. That being said how much you ll save depends on a number of factors.

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. How are you financing your solar panel system. I get a 30 federal tax credit on the system so 9000 and massachusetts gives me 1000 state tax credits. Additionally you ll use less energy because you ll use less energy in the summer.

Even if your electricity rates aren t as high as california prices going solar can still save you money. While solar leases and power purchase. Improvements to designs and cost reductions are happening rapidly. There are two types of savings you ll find with solar.

Less power from grid a solar system helps you save because you won t be using as much electricity from the grid. It is apparently supposed to save me 150 a month on my electric bills which are now outrageously high 400 750 for a 1200sqft house. The average home can save between 10 000 and 30 000 over the lifetime of your solar panel system. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.

I am mainly doing this to save on electric costs and have redundancy for when the power goes out.