www.nerdwallet.com/blog/finance/save-money-putting-solar-panels-roof/
Two factors are making solar panel installation a better deal for homeowners than it was in the past:
1) The federal and state tax incentives 2) The rising cost of electricity from traditional sources.
** How much will residential solar panels cost me—and how much can I save?
Solar panels don’t come cheap as with installation they can cost around $5 per watt or $15,000 for an average residential 3kW system. While the system itself is a significant initial investment it provides immediate monetary and environmental benefits.
The average USA household consumes about 1 kW per hour of electricity or 900 kWh per month ... as an example an energy efficient fridge will use about 350 kWh per year and with at an average utility cost of $0.12/watt, that’s less than $50 a year while a large plasma screen TV can use as much as 700 kWh per year (about $100/yr). But those costs aren’t expected to stay steady—remember that electricity costs are on the rise and your use of electricity probably is, too.
If you were to install a 3kW system, you can approximate that, based on an average amount of sunlight, the system would create 450 kWh per month—about half of your monthly electric bill. Estimating that bill at $100 your initial investment will in turn save approximately $50 per month for the life of your solar panel system.
Two factors are making solar panel installation a better deal for homeowners than it was in the past:
1) The federal and state tax incentives 2) The rising cost of electricity from traditional sources.
** How much will residential solar panels cost me—and how much can I save?
Solar panels don’t come cheap as with installation they can cost around $5 per watt or $15,000 for an average residential 3kW system. While the system itself is a significant initial investment it provides immediate monetary and environmental benefits.
The average USA household consumes about 1 kW per hour of electricity or 900 kWh per month ... as an example an energy efficient fridge will use about 350 kWh per year and with at an average utility cost of $0.12/watt, that’s less than $50 a year while a large plasma screen TV can use as much as 700 kWh per year (about $100/yr). But those costs aren’t expected to stay steady—remember that electricity costs are on the rise and your use of electricity probably is, too.
If you were to install a 3kW system, you can approximate that, based on an average amount of sunlight, the system would create 450 kWh per month—about half of your monthly electric bill. Estimating that bill at $100 your initial investment will in turn save approximately $50 per month for the life of your solar panel system.