How Much Money Can Switching to Solar Power Save You?

How Much Money Can Switching to Solar Power Save You?

The average homeowner would save more than $25,000 over 25 years by investing in a solar panel system. As of early 2017, the current low-end cost of residential solar power was approximately $3.00 per watt installed. The average sized solar panel system is about 5,000 watts, so this brings the total cost to about $15,000 (Systems can cost more or less depending upon a homeowner’s energy usage and state of residence).

Before the Solar Investment Tax Credit, a solar panel system costs about $3.00 per watt installed, with an average cost of $15,000 for the entire system. At this price, you’ll pay $107 per month for a $15,000, 12-year loan at 2.99% interest.

However, once you take the 26% Solar Investment Tax Credit into account, the price decreases dramatically…

After the Solar Investment Tax Credit is factored in, the cost for installation of the system drops to about $2.00 per watt, with an average total cost of about $11,100. This means, on average, you’ll be paying around $107 per month for a 12-year loan at 2.99% interest.

Pricing for systems can vary due to the specific brand of panels used, inverter brand and regional pricing differences. Most installers can not achieve going under $3.50/watt pricing, while we are installing premium equipment at around $3.00/watt.

Plenty of no-money-down financing options are available. An average non-financed system payback time is about 3-6 years.

Monthly payments on a 12-year loan are usually lower than the average homeowner pays for a typical utility bill. Of course, after the loan is paid off, you’ll get to benefit from free solar power.

Another misconception is that the price for residential solar power is still more than what utilities are charging their customers across America. This is no longer true.

What are you waiting for? Find out right now how much you could save by switching to solar.

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