How much does a solar panel installation cost?

The average cost of a 10.8 kW solar panel installation on EnergySage is $20,948 after federal tax credits. You'll probably save anywhere from $28,000-$120,000 over 25 years by going solar. Solar panels are just 12% of the total cost of a solar panel installation.

How much does solar electricity cost?

Broken down to the simplest level, the average cost of solar electricity is 6 to 8 cents per kWh for homeowners that purchase through solar.com. Meanwhile, the average cost of grid electricity in the US was 16.7 cents per kWh (and rising) in August 2022 — more than double the cost of going solar. The cost of going solar varies from home to home.

How can I save money if I install solar panels?

Dig up electricity bills from the past 12 months, add up what you’ve spent over the year, and consider this your “money saved” by installing solar panels. For example, if you paid $2,000 per year, you would deduct that number by the overall costs incurred for going solar.

Do solar panels save you money?

The higher your electricity costs, the more a solar panel system will save you in the long run. This can vary significantly based on your location. If you live in a region with middle- to upper-level utility rates, you can pretty much guarantee that a solar panel will save you big bucks over time.

Are solar panels worth it if you sell your house?

This is called the “break-even point” — or the point solar panels become worth it financially. If you plan to sell your house sometime soon, the shorter the break-even point, the better — although you’ll likely recoup the cost of your solar system in the home sale.

Is financing solar panels worth it?

Financing solar panels is worth it if the loan payments are cheaper than your current utility bill. Leasing a system is cheaper upfront, but you won’t get the federal tax credit. The average 5-kilowatt (kW) solar panel system is $14,210 before considering any financial incentives.