{How solar energy saves money|How solar energy can save money|Solar energy is a great way to save money.}

Solar panels {can be|are} {a great|an excellent|the perfect} {way to save money and|option to save money and|method to save money as well as} {cut your electricity bills|reduce your electric bill|lower your electricity costs}. The {more electricity you use|more power you consume|greater the amount of electricity you use} {on average per family member|in a typical household|for each family member}{, and the larger| and the bigger| and the more powerful} {your solar system is|the solar panel|your solar system}{, the more money that| larger, the more money| and the greater amount of money} {you can save over|you will save in|you’ll save in} the {long term|long run|long-term}. {You may be able|It is possible|There is a possibility}{, in certain regions,| in some areas| in some regions} to {produce more solar electricity|generate more solar power|generate more solar energy} than you {require and then|need and|actually need, and} {sell it back|return it|transfer it over} to the power {company to|company in order to|provider to} {make a small|earn a small|make a} profit.

{First, take a|The first step is to|Take a} look at {the electricity|your electricity|your electric} bill to {determine how much|figure out how much|find out the amount} your household {uses|consumes|is using}. {Next, calculate|Then, determine|Then, estimate} {how much money|the amount|how much} solar panels {could|can} {save you each|help you save each|be able to save you every} month. {Next, multiply this number|Then, multiply this figure|Then, you can multiply that number} by the {average electricity rate|electricity cost|typical electricity rate} {that your energy supplier|that your energy provider|the energy provider you use} {charges|costs} you. {It is possible to see|You can determine|It is possible to determine} {how much electricity you are|the amount of electricity you’re|how much electricity you’re} {spending each month and annually|paying each month and every year|paying for each month as well as annually}. {An average|A typical} American household {uses approximately|consumes approximately|uses around} {10,649 kWh each year|10,000 kWh per year|10,649 kWh annually}. {As of December 2021,|In December 2021,|At the end of December 2021} the {average residential rate|median residential rate|average residential cost} {for electricity|of electricity used|to power} {in|within|across} the U.S. was $0.1331. This {would mean|means} that {an|the} average American household {will spend around|would spend approximately|will pay around} $1,417 {on their electricity|for electricity|in electricity costs} in 2021. {These calculations are solely based|The calculations are based solely|This calculation is based} on {national average residential rates|the national average residential rate|the average national residential rates} per kWh {and energy use|and the energy usage|as well as energy use}.

{Some states and regions in|Certain states and regions of|Certain regions and states in} the U.S. have electricity rates {that are higher than the|which are higher than the|that are higher than} {national average|average across the nation}. If the {climate is favorable|weather is good|weather is pleasant}{, solar panels can| solar panels could| solar panels are able to} {be installed in these|be installed within these|install in such} {states|areas} to {save homeowners money|help homeowners save money|reduce the cost of homeowners} and {speed up|increase|boost} {their return on investment|the return on investment|the ROI on their investment}.

Let’s {take|consider|use} Hawaii as an {example|illustration}. The {average electricity rate|average electricity cost|electricity rate average} {was|of|is} $0.3276 per kWh {as of|in|at} December 2021. A {household|family} {in|living in} Hawaii {would use approximately|will use around|will consume approximately} {10,649 kWh to generate|10,649 kWh of|10 649 kWh for} electricity {in|by} 2021. {This would amount to|That’s|It would be} $3,488.61 {per year|annually}. After {claiming|taking advantage of|you have claimed} {the federal tax credit|Federal tax credits|the tax deduction for federal taxpayers}{,|} {a 6-kilowatt system of|the 6-kilowatt|an array of 6-kilowatts of} solar {energy costs about|power costs around|energy would cost around} $11,837. {The average|A typical} Hawaiian {household would|household could|family could} {save $3,488 per year on|save around $3,488 annually on|reduce their annual} {electricity|electric|energy} {bills|costs} {by installing|through the installation of} {a solar panel|solar panels}. {This would make the|The|This will make the} solar {system|panel} {pay for itself in|cost less than} 3.5 years. {A solar panel could also|Solar panels can also|The solar panel can} be {used|utilized} in other states {that have|with} {relatively low electricity costs|very low costs for electricity|the lowest electricity prices}. It {may|could|might} take longer to {get|earn|see} {a return on|the return you expected from|an ROI on} {your|the} initial investment8.