How much money will I save by installing solar on my home or business?
Estimate the energy production and cost of energy of grid-connected photovoltaic (PV) energy systems.
The estimated amount of monetary savings from installing solar is determined by analyzing two variables:
The amount of power (stated in kWh) that the solar installation can generate based on the site’s surroundings.
PvWatts.nrel.gov can be used to estimate the total amount of energy the solar installation can generate. (Remember, it does not consider site specific conditions such as shading from nearby trees. A thorough site analysis by a solar contractor can provide those details.)
- The amount of money invested in the solar installation (stated in $ per watt).
Typically, the “payback period’ in many solar calculators only considers the amount of time it takes to pay-off the initial investment. To determine if your solar installation is actually going to save you money, you must consider all of the costs associated with your solar installation: installation and equipment costs, long-term maintenance costs, additional insurance costs, unexpected damage, home improvement costs (new roof) and even possibly financing costs.