How Much Do You Save With Solar Panels? A Quick Guide

Are you one of the millions of homeowners in the United States considering making the switch to solar energy? There are, of course, many good reasons to install solar panels on your property. In addition to the environmental benefits, homeowners stand to save tens of thousands of dollars on their energy bills over the lifespan of a solar panel system.

Last year, a new solar project was installed in the US every 60 seconds. It is expected that 300 gigawatts of new solar capacity will be installed over the next 10 years.

In this blog post, we will ask “How much do you save with solar panels?” Let’s get started.

What Factors Determine Savings With Solar Panels?

There are several factors that will determine how much your home stands to save by installing solar panels. These include:

  • Your home’s current energy bills
  • The number of solar panels you install
  • Your home’s exact location
  • The availability of net metering
  • The type of solar panels you install

On that last point, we recommend that you install Tier 1 solar panels. While they cost more upfront than Tier 2 and Tier 3 solar panels, they have a lower annual degradation rate. This means your solar system will continue to work effectively and efficiently for longer.

How Much Do You Save With Solar Panels? 

For the average household in the US, a 6 kW solar panel system will reduce electricity bills by approximately $1,500 per year. As noted above, there are specific factors that will determine the exact savings potential.

Certain states are better suited to solar energy. For example, the estimated 25-year bill savings for a household with a 6 kW system in San Diego, California is $95,000. In Portland, Oregon, the estimated savings is $24,000.

It is worth highlighting that while the above estimates look at the first 25 years of a solar panel system, with proper care and regular maintenance, solar systems can effectively generate electricity for 40 to 50 years.

There are several other ways in which homeowners can benefit by switching to solar energy. For example, charging an electric vehicle with an at-home solar system is a more affordable (and environmentally friendly) option than using electricity from the grid or a public charging station.

Solar panels also boost a property’s value by around 4%, which is helpful to keep in mind. Click here to see what Blue Raven costs and learn more about the benefits of going solar.

What to Know When Buying Solar Panels

The bottom line is that homeowners stand to save significantly by switching to solar energy. If you are concerned about rising grid electricity prices, solar panels are an excellent long-term solution. You will also be contributing to a greener future by installing home solar panels.

Like this blog post on how much do you save with solar panels? Be sure to check out our other informative articles on a wide range of interesting topics.

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