How Much Do Solar Panels Actually Save In 2024?

Solar panels have become a staple in Central Florida, offering not just environmental benefits but also significant savings for homeowners. But we often get asked, “How much do solar panels actually save?”

Join our solar experts at Solar Bear Orlando as we discuss the saving potential that solar installations offer. Trust us, this article will make you reconsider your relationship with traditional energy sources!

Why Going Solar is a Good Idea in 2024

With continued advancements in technology and decreasing installation costs, the financial benefits of installing solar are more enticing than ever. In recent studies, it has been found that Florida homeowners can save an average of $10,00 to $30,000 on energy costs over 20 years just by switching to solar power.

Remember, this is just an estimate. Your home’s size, energy consumption, location, local energy costs, etc. will all play a role in your exact savings.

How to Maximize Solar Savings

The key to making the most of your savings when switching to solar likes to understand several things including:

  • Your home’s energy consumption and local electricity rates
  • The ideal size and configuration of your solar panel system
  • How much sunshine your area receives

Also, other ways homeowners can save include taking advantage of government incentives and net metering policies.

What About the Solar Payback Period?

Depending on where you live, you can expect to pay around $17,000 to $20,000 for a 6 kW home solar array. In 2024 you can also claim 30% of your total solar project costs due to the U.S. Government’s solar tax credit, which could result in homeowners receiving around $5,100-6,000 when they file their taxes. After subtracting these savings, homeowners are looking at around $11,900-14,000 net cost for their arrays, which isn’t bad at all!

Ok, but we still aren’t at the payback period, but don’t worry, we are making our way there.

If your Florida home has optimal sunshine conditions, a 6 kW system can generate between 8,000 to 10,000 kWh of energy each year. If you have Duke Energy as your electric company, you will have an electric rate of around 13 cents per kWh. So, your expected annual power bulls savings could be $1,040-1,300 with solar. Nice!

So, with the cost of your solar array at $11,900-14,000 after tax incentives, the payback period could range from 11 to 10.7 years.

Read More > Understanding Solar Output

Ready to Go Solar?

As you can see, making the switch to solar energy is a smart choice for homeowners in the sunny state of Florida, not just due to the savings, but the promise of energy independence.

Our team at Solar Bear Orlando offers top-quality residential and commercial solar solutions that can help you save big on your energy bills. So why wait? Reach out to our team today for a solar quote at (727) 471-7442!

We can’t wait to help you harness the sun’s energy!