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How Much Money Can you REALLY Save With Solar?

The average house in the US uses about 900 kwh per month, which means the average electricity bill in Texas is roughly $100/month. A medium-sized solar panel array (about 19 panels) can generate enough to knock $70 off your bill.

Solar power is clean, efficient, sustainable, and easier than ever to integrate into your home. And yes, you can lower your electricity bills. How big your house is, and how many panels you put on your roof will determine exactly how much you’ll save, but in Texas electricity currently costs about 11 cents per kwh. The average house in the US uses about 900 kwh per month, which means the average electricity bill in Texas is roughly $100/month. A medium-sized solar panel array (about 19 panels) can generate enough to knock $70 off your bill.

Of course, there is the cost of the solar array you have to consider. Also, solar is not an exact science and there are times of the day where the sun isn’t shining. The good news is that there are city and state rebates and tax incentives you can use. Here’s everything you need to know to understand exactly how much money you will save with solar.

Upfront costs

We’ve put together this handy chart to give you a ballpark of what to expect for an upfront cost (the numbers you’ll find on the chart INCLUDE the tax incentives and rebates currently being offered by the city, state, and federal governments). If you want a customized price quote on your specific house in Austin, Dallas, or Plano, we are happy to give you a free estimate.

solar savings chart

Our pricing is based on an average of $4 per watt of solar we install and includes the SunPower panels, micro-inverters, mounting hardware, and a power monitoring system.

The average home solar array costs about $15,000. Depending on how you finance that expense, your monthly expense could be about $50, so you’re still coming out ahead after savings on your electricity bill. Once the solar system is paid off, you’ll really start saving money.

Cost payback over time

On average, most Texans will see their solar investment paid off in 10-12 years. Every system will be different depending on how much energy you use, your solar setup, and how much sun hits your panels, but that’s a good guide. And keep in mind that your system will still be working quite well 25 years from now and beyond (the panels we sell have 25-year warranties). Long after your system has been paid off you’ll still be producing your own clean energy and likely selling some back to your city.

Generating money

On the days you generate more electricity than you use (yes, it happens), you have two options: 1) Store the electricity in a battery to use later (check out the Tesla Powerwall for that option); and 2) Sell the energy back to the city. In the latter case, your city electricity company will credit your account. In Austin in 2018, the value of solar is 9.7 cents per kwh.

Home values

Generating power with your panels isn’t the only way to make money off home solar. A recent study sponsored by the Department of Energy showed that buyers were willing to pay an average of $15,000 more for a home with a 3.6kW solar power array. In other words, by adding solar you’re adding value. The Texas Association of Realtors found that the average added value on a home with solar panels was over $14,000

At the end of the day, a home solar system is a lot like other worthwhile home upgrades. There are upfront costs with the promise of a better home and energy savings down the road along with added value to your home if it goes on the market. All that said, we’re hard-pressed to find a better and faster return on your money than a home solar system. Not only can you save a ton on the initial cost through rebates and local incentives, but the moment it’s active you’ll be spending less on power.

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