How Much Do Solar Panels Save on the Typical Energy Bill?

how much do solar panels save

More than two million solar panel installations took place in 2019, and that number is expected to double by 2023.

Have you been interested in installing solar panels on your roof? Have you been wondering, "How much do solar panels save?"

If you've asked yourself these questions, you're in the right place. Read on to learn more about the cost-saving benefits of solar panels, as well as the other perks you'll enjoy when you invest in them.

How Much Do Solar Panels Save?

One of the primary benefits of solar panels is the fact that they can help you to save money on your energy bills. How much money are we talking about, though?

The specific amount of money that you save will depend on a lot of factors, including the following:

  • The climate in the area in which you live
  • The location of the panels on your house
  • The amount of direct sunlight your house receives
  • The angle of your roof
  • The number of solar panels you have installed

Despite all those different factors, it's still almost guaranteed that you will notice a reduction in your energy bills when you switch to solar panels.

Most people with solar panels on their home see significant cost savings right away (they often even get money back from the power company), and they end up saving thousands of dollars over the lifetime of their solar panel system.

Benefits of Solar Panels

Solar panels have a lot more to offer besides lower bills, though. Some of the other benefits you can enjoy when you have them installed include the following:

Help the Planet

Not only do solar panels help you save money. By installing them, you can also help the planet.

When you reduce your energy consumption by switching to solar energy, you reduce your carbon footprint and minimize the impact you have on the environment. The more people switch to solar energy, the less they have to depend on greenhouse gases and inefficient fuel sources.

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If you're looking to level up your planet-saving efforts in a big way, investing in solar can be a great option.

Increased Home Value

Solar panels also increase the value of your home. Potential buyers will likely be enticed by the energy efficiency of your home and low energy bills they'll experience when they move in.

This can be an effective bargaining chip that you can use to get your home sold faster and at a higher price. Even if you're not planning on moving out of your house anytime soon, this is still something worth thinking about. It's never too early to start planning for the future.

Tax Benefits

Of course, you can't forget about the tax benefits that solar panels provide.

You can take advantage of some significant federal tax benefits when you have solar panels installed on your roof. In many areas, there are also other local tax benefits that you can qualify for as well.

All of this can help to lower your annual tax bill and put more money in your pocket when you receive your tax return.

Guaranteed Performance

Some people are hesitant about installing solar panels because they worry that solar energy won't be as effective as other sources when it comes to powering their homes. They may also have concerns about the longevity of their solar panel system.

Most solar panel installation companies guarantee their work for 20-25 years or more. This means you can rest easy knowing your house will be powered long after your panels are installed.

You won't have to worry about your panels falling down on the job, and you'll be able to sit back and enjoy your low energy bills.

How to Save Money on Solar Panels

It's clear that solar panels have a lot going for them. It's important to acknowledge, though, that the upfront cost can be a bit high for many people.

If you're interested in these benefits of solar panels but aren't sure if you can afford to have them installed, these money-saving tips can help:

Reduce Energy Consumption

First, take steps to reduce your energy consumption. When your house uses less energy, you won't need to install as many solar panels to see an improvement. Look for ways to start reducing your carbon footprint before making plans for solar panels.

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Switch out your lightbulbs, take care of drafts and energy leaks throughout your house, and get in the habit of unplugging devices that don't need to be plugged in all day long. Simple swaps like these can have a big impact on the amount of energy it takes to keep your house running.

Get Multiple Bids

Be sure to get bids from multiple installation companies, too. This will make it easier for you to compare and contrast and figure out which company can provide you with the best deal.

Do your research to learn about the different companies in your area and invite them to come and take a look at your house. Most companies will give you a quote for free as well, so you don't have to worry about wasting money meeting with installers you might not end up working with in the future.

Research Incentives

Finally, if you're still wondering, "Are solar panels worth it?" do some digging to find out what incentives are available to you if you install them.

When you know exactly how much you can save on your tax bill by switching to solar energy, you might be more inclined to take the plunge. It'll also be easier to plan ahead if you know what you'll be getting back from the federal and local governments in exchange for your willingness to be more eco-friendly.

Go Solar Today

You now have an answer to questions like "How much do solar panels save?" With this information in mind, what do you think? Do solar panels seem like a good investment for you?

If you're ready to take the plunge, don't forget about the tips listed above. They'll help you to save money on your solar panels and start seeing a return on your investment sooner.

For more advice on solar panels or other home improvement projects, check out the For the Home section of our website today.

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