Your electricity bill is based on how many kilowatt-hours (kWh) of electricity you use. Most homes use between 800 kWh and 1,500 kWh each month depending on weather, home size, energy efficiency and how many electric appliances are used.
The price of solar electricity is typically expressed in terms of dollars per watt of installed power. Typical pricing for residential systems is in the range of $2.50 to $4.00 per watt, depending on the size and market economics. A 9 kilowatt (9 kW) solar system will produce about 12,000 kWh of electricity per year with some variability by month. At $3 per watt, that system would cost about $27,000 to install. Because electricity rates continue to rise, the $27,000 investment can pay for itself in about 10–15 years.
Residential solar panels can be purchased outright or financed with a loan from a solar installer, bank, or other financial institution.
Solar leases are also an increasingly popular way for homeowners to go solar without paying the typical upfront cost of a system. Many installers and solar group purchasing programs offer a lease option alongside traditional purchase and loan options, offering predictable monthly payments and immediate bill savings with little or no money down.
Learn more about the Solar Leases.
