Solar Power Savings and Cost Estimate For A $500 Monthly Bill
This is a solar power cost estimate* for a $500 monthly electric bill. A 15kW or 15,000 watt solar panel system could offset most of your energy use. Results will vary based on utility rate, location and installation factors.
Save $171,800 over 25 years
Save $5,400 per year
Save $450 per month
Other benefits of solar power
$15,000 Increased home value PRICELESS clean, healthy living
This is how much money you could save with solar power. The ROI is 19% to 30%. The payback period is 4 to 6 years. The solar panels may work for 35 to 40 years.
Real estate studies show that a Solar Home can increase market value.
The environmental benefits are clear with clean, renewable energy.
ASSUMPTIONS 15kW Solar Panel System
Install 44 to 58 solar panels
Average Cost for 15kW System
$18,000 Self Installed
$28,500 Pro Installed
Electricity Cost before going solar
$204,947 over 25 years
$6,000 per year; $500 per month
15kW = 15 kilowatts or 15,000 watts. Generates up to 2,600 kilowatt hours (kWh) per month. Solar Panels require space up to 1,100 square feet.
Total Cost Includes permit, panels, inverter, rooftop mount, installation and warranty, minus a 30% Federal renewable energy tax credit. Average sticker price before tax credits is $25,800 to $40,800. Learn more about solar installation
This is how much you will pay the utility if you don't use solar panels. Remember, utility rates go up 4% on average every year.
*NOTE: These are current solar price cost estimates as of JULY 2018. Amounts may vary based on your location and installation factors. The 25 year utility cost is based on a national average of $0.26 per kWh and a conservative 2.5% annual electricity price inflation rate. The estimated kWh produced per month is based on NREL PVWatts calculator; assumes 5 sun hours per day, array mounted at 180 degrees South at 20 degree tilt. How much solar power do you need for a $500 electric bill?
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