How Much Money Do Solar Panels Save You

Residential utility customer is 10 972 kilowatt hours kwh per year or an average of 914 kwh per month.

How much money do solar panels save you.

Multiply that by the national average electricity rate as of june 2020 0 13 per kwh and you ll find that the typical american family has electricity. There are two types of savings you ll find with solar. The estimate also considers the average sunshine available in the country and the average electricity price of 13 34 cents per kilowatt hour reported by the energy information. How much money do solar panels save you on electric bills.

On average solar panels will save you over 1 100 per year on your electricity 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. Even if your electricity rates aren t as high as california prices going solar can still save you money. The average annual electricity consumption for a u s.

For example the average annual electricity use required for a u s. This is assuming a system size of 6 kilowatts which is common in the us. How much do solar panels save the average home.