How much money do solar panels save you on electric bills ?

The first step to understanding how much solar can save you is to calculate how much you are currently spending on electricity every year. For example, The average annual electricity use required for a U.S 🇺🇸. household is 10,972 kilowatt-hours (kWh). Multiply that by the national average electricity rate as of October 2019 ($0.1284 per kWh) You’ll find that the typical American family is spending just over $1,408 a year on electricity alone. Then, you have to consider the volatile nature of electricity prices and determine what utility rates will be in years to come. When you compare the cost of utility electricity with home solar, you should keep in mind that you can expect electricity rates to increase annually. Over the past decade, national electricity costs have increased at a rate of approximately 2.2% per year. Utility rate inflation is an added incentive for solar: when you generate your own energy with a rooftop PV system, you’re locking in energy costs at a constant rate so that you no longer have to consider variable utility rates. Because of the nature of solar as an up-front investment, the only costs associated with a solar system will be the cost of your installation and any added electricity costs in the event that your panels do not completely offset 100% of your electricity use.

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How much money do solar panels save you on electric bills ?

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