If you’re considering installing solar panels on your home, one of the biggest questions on your mind is probably: How much can I save?
There’s no doubt that solar panels save you money on your electric bills. But the actual amount of savings will depend on several factors, like where you live, how much electricity you use, and most importantly, how much you pay for electricity.
Understanding how much you can expect to save with home solar will help you decide whether the investment is worth it for you.
Let’s dive in!
Average Electric Bill Savings with Solar in Massachusetts
To give you an idea of what kind of savings you can expect with rooftop solar power, let’s look at a real-world example.
As of January 2025, residential customers in Massachusetts pay an average of 30.08 cents per kilowatt-hour (kWh)—almost double the national average of 15.95 cents. According to the U.S. Energy Information Administration, the typical American household uses around 899 kWh of electricity per month. At Massachusetts rates, that works out to roughly $270.42 per month, or $3,244.98 per year.
Now, imagine you are installing a solar power system that covers 100% of your electricity usage. That’s over $3,200 in annual savings.
Most solar panels are warrantied for 25 years (though they can last 30 years or longer). With consistent annual savings of $3,244.98, you’ll save over $81,000 in your solar power system’s lifetime.
And that’s if your electricity rate doesn’t go up—which, let’s be honest, it will. Utility rates are rising, and that makes solar even more valuable. Your panels protect you from price hikes, and every increase you avoid adds directly to your long-term savings.
Of course, these are just estimates. Your actual savings will depend on your individual circumstances.
What Affects Solar Panel Savings?
There are a few key factors that impact how much you can save with solar panels, including:
- System Size – First and foremost, the amount of savings you can expect will depend on the size of your solar panel system. A larger system will produce more energy, which means greater savings.
- Electricity Usage – If you use a lot of energy, you’ll be able to offset more of your utility bills with solar power.
- Electric Rate – If you have a high rate, your electric bills are more expensive, which means you have more savings potential when you install solar panels.
- Location – You need sunlight to generate solar power. Where your home is located and how much sunlight it receives impact your savings.
There are a lot of factors to consider when installing solar panels. To get real savings, you need a custom solution built for your home and energy needs.
My Generation Energy takes this seriously. We start by reviewing a full year of your electric bills to understand exactly how much energy you use and how much power you need to generate to make solar worth it.
Then, we assess your roof and design a solar layout that maximizes sun exposure and energy production.
The result is a high-performing solar system that generates more power, delivers bigger savings, and gives you the best return on your investment.
The Full Financial Impact of Solar
Solar panels can save you tens of thousands of dollars over their 25+ year lifespan while eliminating one of your biggest expenses. For most homeowners in Massachusetts, solar panels are worth it for these savings alone.
But electric bill savings aren’t the only financial benefit of solar. You’ll also benefit from:
Increased Home Value
Studies show that installing solar panels can add real, long-term value to your home. According to research from Zillow, houses with solar panels sell for 4.1% more than similar houses without solar.
Tax Benefits
Going solar saves you money on your taxes, especially if you live in Massachusetts.
- With the federal solar tax credit, you’ll get 30% of your investment in solar panels back when you file your taxes for the year you install them.
- You’ll also get a $1,000 credit on your state income taxes with the Massachusetts solar tax credit.
- Your solar panels will be exempt from property tax assessments for 20 years.
Solar Incentives
There are also several incentives for solar panels that make them even more financially beneficial. In Massachusetts, you’ll earn SRECs (solar renewable energy credits), which you can sell for cash, just for generating electricity with your solar panels.
Ready to Start Saving? Now Is the Time
When you combine upfront savings, long-term bill reduction, and added home equity, solar becomes one of the smartest investments you can make in your home.
My Generation Energy has helped thousands of homeowners in Massachusetts significantly reduce their electricity costs with solar panels, and we can do the same for you. We are local, highly experienced, and here to help you save as much money as possible with solar panels.
Find out how much you can save with solar power! Call 508-694-6884 today for a free estimate.
