The amount of money you can save with solar panels depends on a number of factors, including:
- Your electricity consumption
- The size of your solar system
- Whether you buy or lease your system
- The direction your roof faces and how much sunlight it receives
- The electricity rates set by your utility
- The amount of compensation you receive for excess solar energy sent back to the grid
You can use the National Utility Rate Database to see current electricity rates in your area.
In some cities around the country, solar is already cost competitive with the electricity sold by your local utility. The cost of going solar has dropped every year since 2009, and this trend is expected to continue. Download the Government White Paper Here. Not only are the prices of solar panels dropping, but so are the costs associated with installation, such as permitting and inspection.
It is also important to note that energy efficiency upgrades can complement solar energy economically. By using Energy Star appliances and other products in your home, you will need less solar energy to power your home.
Here are some additional tips for saving money with solar panels:
- Get multiple quotes from different solar installers.
- Consider leasing instead of buying your solar system.
- Take advantage of government incentives and rebates.
- Make energy efficiency upgrades to your home.
By following these tips, you can save money on your electricity bills and reduce your carbon footprint.