Solar Cost for $700 Electric Bill
This is a solar power savings and cost estimate* for a $700 monthly electric bill.
A 20kW or 20,000 watt solar panel system could offset most of your energy use. Results will vary based on utility rate, location and installation factors.
Save $255,845 over 25 years
This is how much money you could save with solar power. Save $630 per month or $7,560 per year after going solar.
The return-on-investment (ROI) is a positive 17% to 27%.
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 $60,000 to $80,000 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 40,000 trees over the system lifetime.
20kW solar system
A 20,000 watt system will use from 50 to 67 panels. The modules can generate around 2,500 kWh of electricity per month on average (varies by location). The solar array will need 1,250 square feet of space on the roof or ground.
How much does it cost?
The average sticker price before tax credit is $34,000 to $54,000 for a grid-tied 20kW solar system.
The NET COST after tax credit could be $25,100 for self-installed DIY, or $40,000 for professional, full-service installation.
The total cost should include building plans, permit, panels, inverter, rooftop mount, installation and warranty.
Electricity Cost before going solar
This is how much you will pay the utility if you don't use solar panels. $700 per month, or $8,400 per year or $286,900 over 25 years. Don't forget inflation! Utility rates go up 4% on average every year.
How to Get Started
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*NOTE: These are current solar price cost estimates as of APRIL 2021. 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 $700 electric bill?