Affordable Home Solar Panels

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How much do solar panels save on electric 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. For example, the average annual electricity use required for a U.S. household is 11,000 kilowatt-hours (kWh). Multiply that by the national average electricity rate as of November 2017 ($0.1301 per kWh) and you’ll find that the typical American family is spending over $1,430 a year on electricity alone.

Then, you have to consider the volatile nature of electricity prices and determine what utility rates will be in years to come. When you compare the cost of utility electricity with home solar, you should keep in mind that you can expect electricity rates to increase annually. Over the past decade, national electricity costs have increased at a rate of 2.2% per year. Utility rate inflation is an added incentive for solar: when you generate your own energy with a rooftop PV system, you’re taking control of energy costs so that you are no longer victim to variable utility rates.

To provide a snapshot for typical bill savings from a solar installation, the following table offers state-by-state data for 20-year savings estimates with solar.

The data incorporates a number of assumptions:

System size: 6 kilowatts (the national average)

Electricity demand: 11,000 kilowatt-hours per year (the national average)

Utility rate inflation: 2.2%

Percent needs met by solar panels: 84% (EnergySage marketplace average)

Electricity rate: State average as of November 2017 (according to EIA)

Ownership: ownership of the solar panels is assumed

2018 Solar panel savings estimates by state

StateAverage price (6 kW solar system)20-Year
Average electricity rate per state ($/kWh)
Florida$10,584 $17,9760.1247
Maryland$11,550 $19,0260.1335
Washington$11,802$10,483 0.0973
Texas$12,390 $13,720 0.1140
New Jersey$13,188 $19,655 0.1534
Colorado$13,314 $14,216 0.1202
California$13,566 $29,424 0.1877
New York$14,154 $26,637 0.1781

Solar panels can create big savings

Why It’s Worth It

Ultimately, regardless of whether you’re looking at finances or carbon emissions, a solar panel system will generate big savings for homeowners. As the first data table illustrates, 20-year electricity savings from solar can be significant, ranging from the low end of $10k to almost $30k. The deciding factor will primarily be the cost of electricity, which varies significantly depending on where you live. Nonetheless, a good rule of thumb is if you live in a state with middle- to upper-level utility rates, solar will be a risk-free investment with major returns. On the emissions side, as panel system size increases, so do the CO2 reductions in the surrounding environment, making solar an eco-conscious investment.

If you’re looking for customized estimates not only around potential solar savings but also around the cost of a solar panel system, try our Solar Calculator. If you’re ready to start looking at quotes from pre-screened solar contractors in your area, check out the EnergySage Solar Marketplace.
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How It Works

In the simplest terms, solar power is exactly what it sounds like – a conversion of solar energy into functioning electric power for technical use. As a relatively new form of energy production on a mass scale, solar powered technology is constantly evolving and we’re learning to adopt it on different levels.

Solar energy is a foreign concept to many because it has not been widely adopted – not yet, at least. But renewable energy technology is reliable and sustainable in a way that makes it a bright prospect for the future. While we learn to embrace the novelty and possibilities of solar power, we will provide access to great products that can improve your lifestyle.

Even if that information isn’t appealing or meaningful to you, the different ways in which solar power can improve your lifestyle and gadget use are endless. From home appliances to sport accessories, the possibilities are yet to be seen.

Solar Panel Architecture

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