Solar Cost for $300 Electric Bill
This is a solar power savings and cost estimate* for a $300 monthly electric bill.
A 10kW or 10,000 watt solar panel system could offset most of your energy use. Results will vary based on utility rate, location and installation factors.
Electricity Cost before going solar
This is how much you will pay the utility if you don't use solar panels. $300 per month, or $3,600 per year or $108,000 over 25 years. Don't forget to add inflation! Utility rates go up 4% on average every year.
Save $92,581 over 25 years
This is how much money you could save on utility bills with solar power. Save $90 per month or $1,080 per year after going solar.
The return-on-investment (ROI) is a positive 14% to 20%.
The payback period is 4 to 7 years. The solar panels may work for 25 years or more.
Other benefits of solar power
Be energy independent and avoid utility rate hikes.
Increase your property value by $30,000 to $40,000 depending on where you live. Real estate studies show that a solar home can increase market value at resale.
The environmental benefits are priceless with clean, renewable energy. The solar panels for this size are the equivalent of planting more than 8,000 trees over the system lifetime.
10kW solar system
A 10,000 watt system will use from 20 to 30 panels. The modules can generate around 1,800 kWh of electricity per month on average (varies by location). The solar array will need 680 square feet of space on the roof or ground.
How much does it cost?
The average sticker price before tax credit is $18,000 to $28,000 for a grid-tied 10kW solar system.
The NET COST after tax credit could be $13,320 for self-installed DIY, or $20,720 for professional, full-service installation.
The total cost should include building plans, permit, panels, inverter, rooftop mount, installation and warranty.
How to Get Started
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*NOTE: These are current solar price cost estimates as of MARCH 2022. Amounts may vary based on your location and installation factors. The 25 year utility cost is based on a national average of $0.16 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 $300 electric bill?