Does Solar Power Save You Money

But the true cost of solar panels and whether they ll help you save money depends on a few key factors.

Does solar power save you money.

Calculating how much money solar panels will save you requires knowledge of your power usage local electricity rates estimated solar production and any federal state and local solar incentives such as the 26 federal solar tax credit that affects the upfront cost of a solar system where you live. The size of the solar power system you install has a great impact on the amount of money you save. Solar panels give you the ability to save money by creating a natural source of energy that has the ability to power your home and heat your pool. If you re looking to save a ton of money it really depends on a few key factors.

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. Larger solar power systems such as a 5kw unit will produce significantly more power than a smaller 2kw system for example. Chris zuppa the penny hoarder.

The public utility regulatory policy act of 1978 purpa requires power providers to purchase excess power from grid connected small renewable energy systems at a rate equal to what it costs the power provider to produce the power. A solar electric or photovoltaic pv system may be the answer. You might think that owning a solar system would ensure 24 7 access to electric power even when the grid goes down from hurricanes or other disasters or accidents. 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.

On average installation and the system together can run between 15 000 and 25 000. 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 size of the solar power system you install. However even with such low prices it is more cost effective to reduce energy consumption than it is to.

Everyone wants to save money right. Solar source technician jason breaux is tethered to the roof of a house in dunedin florida during a solar panel installation. The cost of solar panels are at historic lows. First have an energy audit conducted.

Even if your electricity rates aren t as high as california prices going solar can still save you money.