Solar Power Savings and Cost Estimate For A $700 Monthly Bill
This is a solar power cost estimate* for a $700 monthly electric bill. A 20kW or 20,000 watt solar panel system could offset most of your energy use. Results will vary based on utility rate, location and installation factors.
Save $255,845 over 25 years
Save $7,560 per year
Save $630 per month
Other benefits of solar power
$25,000 Increased home value PRICELESS clean, healthy living
This is how much money you could save with solar power. The ROI is 17% to 27%. 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 20kW Solar Panel System
Install 58 to 77 solar panels
Average Cost for 20kW System
$24,000 Self Installed
$38,000 Pro Installed
Electricity Cost before going solar
$286,900 over 25 years
$8,400 per year; $700 per month
20kW = 20 kilowatts or 20,000 watts. Generates up to 2,500 kilowatt hours (kWh) per month. Solar Panels require space up to 1,400 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 $34,400 to $54,400. 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 $700 electric bill?
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