How Solar Panels Save Money

Srecs have a variable sales price but they represent extra income beyond your power bill savings.

How solar panels save money.

Solar panels cost money upfront but will save you money in the long term the average home can save between 10 000 and 30 000 over the lifetime of your solar panel system start comparing custom quotes on the energysage marketplace to see your estimated savings from solar. In addition to saving on electricity bills you will earn one srec for every 1 000 kilowatt hours generated by your solar panels. Your panels will produce power during the day by converting sunlight into energy that you can use to power your home. Your home s orientation toward the.

Obviously if solar panels were to save you money it would come in the form of reduced electricity bills. Investing in solar panels is a long term investment but they pay for themselves relatively quickly. A 6 kw solar panel system will normally accumulate between 7 and 10 srecs per year. One of the main advantages of installing solar panels is the reduction of your electric bill.

Net energy metering allows you to earn energy credits at the retail value for the energy your solar panels produce. Electric bill before solar panels electic bill after solar panels. Since you ll be generating most of your home s power getting solar panels installed saves you lots of money. The truth is solar is a great investment and will save you tens of thousands of dollars over their lifetime.

Well just look at this moxie customer s electric bill before going solar and after going solar. Certain states like arizona and california average more sunlight hours per day. However exactly how much you save is greatly influenced by where you live. People can also profit from solar energy by having solar panels installed on their own homes or businesses in order to take advantage of net metering to reduce utility bills.

The number of hours of direct sunlight the angle of your roof and the size of the panel all play an influential role in determining your savings. So yes you do save money. If you re looking to save a ton of money it really depends on a few key factors.