How Much Will Solar Panels Save Me? | Home Solar Saving Estimates

February 15, 2022
By John Cole

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Whether you are an environmentalist or not, solar power seems to be the future of energy consumption in our country and around the world. We want to use renewable resources that do not pollute our planet, but we also want to save money, which is why many people turn to solar power when they are considering making upgrades to their homes or businesses. It’s no secret that solar panels are capable of saving you quite a bit of money over the long run, but how exactly do they save you money? In this article, we’ll help you find out how much you can save by using our solar savings estimator and point out some other interesting information about solar panels along the way. Read on to learn more!

Estimate your home's solar potential

To accurately determine how much solar panels will save you, you'll need to estimate your home's solar potential. You can also have a local installer conduct an on-site assessment and create a detailed estimate based on their research. For those looking to get a good ballpark on your solar potential use our calculator. 

On this page is a calculator that'll help determine your solar potential. Enter in some basic information about your home and location, and we'll provide an estimate of how much money you can save on your energy bills by installing solar panels. If you're already a homeowner, enter in details about your current utility bills to get an idea of what's possible for savings over time.

house with solar panels on it

Estimate your energy use

The best way to estimate your energy use is to look at your past electric bills. Try recording your energy usage for a few months and take note of how much you’re using in different areas of your home. Look for monthly or seasonal trends in energy consumption and make adjustments accordingly. 

Knowing how much energy you use is an important piece when determining how many solar panels you'll need and your potential savings. Factors that can significantly impact your electricity usage include: number of people in your household, weather, seasonal factors (heating, cooling), appliances used regularly, number of refrigerators/freezers, etc.

Calculate your cost savings

The real value of solar panels is saving money over time by generating free electricity from a renewable source. The system you install on your home will generate an estimated amount of energy for a given year based on several factors including your roof space, home location, and local weather patterns. This number is called an annual yield, and it will determine how much money you can save by going solar.

Using your location and typical energy usage you can use our calculator to provide you how much you'll end up saving by switching to solar panels. Inputting more accurate numbers will give you a more accurate result. However, all such estimates are based on assumptions that may vary across suppliers for a given locale or home characteristics, so please use these figures as guides only. To get a more detailed calculation, give us a call. We'll assess your property and usage to be able to tell you exactly what you can expect to save by going solar.

new solar panels

Determine if solar is right for you

If you live in a sunny area, solar panels may be an affordable way to take control of your energy bill. However, you might want to consider a few things before making a final decision. First, think about how much you’re spending on electricity each month and how that cost compares with other utility bills. Then, determine how much money (and carbon emissions) will be eliminated from your utility bills when you install solar panels. Finally, find out if there are any tax breaks or incentives available to help offset your initial costs and/or make it more cost-effective to own and operate solar panels over time. If you’re ready to get some panels but the price tag scares you, consider leasing them instead. It’s possible to get started without spending thousands of dollars up front!

Tax savings

Federal and state tax credits are available for solar panel installations. Typically, you can claim a percentage for a tax credit on solar system costs. You may also be eligible for additional local rebates in your area. With policies frequently changing these tax credits frequently change. To know exactly what is available to you, speak with one of our professionals to find out more. We spend every day focusing on helping our customers save money so if there's an incentive out there, we'll know about it!

Environmental impact

If you’re doing it to help save our planet and reduce your carbon footprint, know that a home solar installation can dramatically reduce your environmental impact. According to consumer affairs adding a solar system cuts an average of 15,000 pounds of CO2 annually (roughly equivalent to taking 2 cars off the road). What’s more, going green translates into financial savings as well. This give you a positive green impact both on the environment and in your wallet.

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Additional solar benefits

There are also perks for home owners who have solar panels. For one, they get first-dibs on all excess power generated by their system, which is sold back to your utility company at higher prices. You can either keep that power yourself or sell it back to a local utility company – you’ll even be paid a bonus for any excess generation above and beyond what you use in your home.

You’ll also benefit from a whole host of other benefits like tax credits, rebates and incentives. These come in many forms and are different depending on where you live, so make sure to check out your own state's policies when deciding whether solar panels are right for you.

Of course, no matter where you live, having solar panels on your roof also means one less electrical bill. Over time, these savings can really add up and help you recoup your initial costs of buying a home solar system. Whether that’s worth it to you is up to you – but when it comes to saving money on utility bills, there are few better ways than installing solar panels in your home.

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