Cost of Solar Panels and Installation: A Quick Guide
If you’re looking to install solar panels on your home, you owe to yourself to learn all you can about them first.
Solar panels are quickly becoming an accessible way to cut down on your household carbon emissions while saving money on your energy bills. If you haven’t looked into them before, you may have some questions about the cost of solar panels installation.
In this post, we’re going to do an in-depth examination of this topic and help you understand how solar panels work a bit better. Read on and you’ll have all of the information you need to make a smart decision on your solar panels.
What Is The Cost Of Solar Panels and Installation?
A lot of people are put off of installing solar panels because they think the upfront cost is too much. For some, this may be true, as it is expensive to have a solar power system put on your home, but if you can afford the installation costs, you can make the money back very quickly. Let’s dig into these costs and what they really mean.
Installing a cheaper solar system may only cost in the ballpark of $5,000, but you probably won’t see as many of the benefits that most people report when going solar. If you really want to put a dent in your energy usage, a system will cost you between $15,000 and $25,000, but you can spend much more.
The cost depends on a few things. Notably, which state you live in, the type of solar materials you’re using for the panels and the inverter, and the labor costs. The size of the system is another huge factor, as well, so discover more here about solar panel quantities.
How Solar Panels Can Save You Money
Yes, $25,000 is a massive upfront cost, but if you can afford it, there are ways to make your money back fairly quickly. First of all, there are many government incentives available that can cover a lot of the installation cost. The federal solar tax credit, for one, allows you to deduct 26% of the installation cost from your taxes and there’s no cap on the value of the credit.
In addition, your utility company will issue you a one-time rebate for installing solar panels on your home. It’s worth noting that your federal tax credit is calculated after you get this rebate. There are also state tax credits and rebates that you can apply for, which, in the end, can chip away nearly half the cost of solar installation.
Once your solar panels are installed, you’ll start to see your utility bills fall away. In just a few years, the money that you save in energy costs will cover the rest of the solar installation that isn’t paid for with credits and tax breaks. You can break even on solar panels if you give it enough time.
Finding a Solar Panel Company Near You
Now you understand the cost of solar panels and installation, as well as some of the cash benefits of going solar. It’s time to find a solar panel installer near you that can help you get on the path to a brighter future with a solar installer. If you liked this post, come back again for more on technology and health.
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