Solar Power Savings and Cost Estimate For A $300 Monthly Bill
This is a solar power cost estimate* for a $300 monthly electric bill. A 10kW or 10,000 watt solar panel system could offset most of your energy use. Results will vary based on utility rate, location and installation factors.
Save $92,581 over 25 years
Save $3,420 per year
Save $270 per month
Other benefits of solar power
$10,000 Increased home value PRICELESS clean, healthy living
This is how much money you could save with solar power. The ROI is 14% to 20%. 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 10kW Solar Panel System
Install 29 to 40 solar panels
Average Cost for 10kW System
$12,600 Self Installed
$19,600 Pro Installed
Electricity Cost before going solar
$122,968 over 25 years
$3,600 per year; $300 per month
10kW = 10 kilowatts or 10,000 watts. Generates up to 1,800 kilowatt hours (kWh) per month. Solar Panels require space up to 720 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 $18,000 to $28,000. 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 $0.23 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 $300 electric bill?
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