Today: April 13, 2024 5:14 pm

Are Solar Panels a Good Long Term Investment?

Renewable energy is the new thing these days, and with so many investment opportunities, it’s hard to know if investing in something is really going to “save tons of money.” So, do solar panels save money? Is solar worth it? How much do solar panels for the home cost?

How Much Do Solar Panels Save?

If you want to understand how much money solar panels save on your electric bills, you first need to calculate how much you’re spending on electricity every year. For example, the average annual electricity usage in a U.S. household is 11,000 kilowatt-hours (kWh). If you were to multiply that by the national average electricity rate ($0.1301). You would get how much you’re spending on electricity every year. The typical American household spends around $1,430 dollars a year on electricity alone.

StateAverage Price
(6 kW Solar System)
Average Electricity Rate
Per State ($/kWh)
20-Year Savings
Arizona$11,2140.1226$16,866
California$13,5660.1877$49,424
Colorado$13,3140.1202$14,216
Florida$10,5840.1247$17,976
Massachusetts$13,8180.1936$30,523
Maryland$11,5500.1335$19,026
New Jersey$13,1880.1534$19,655
New York$14,1540.1781$26,637
Texas$12,3900.1140$13,720
Washington$11,8020.0973$10,483
This is a solar panel savings table found on EnergySage.com

If you’re purchasing an investment property, you may want to consider solar savings when doing your final financial analysis.

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