Solar Panels For Home: Do They Make A Great Investment?
The days when solar panels used to be a rare and exotic source of energy are gone. Their popularity is growing and a lot of people are now choosing it as their main source of electricity.
Before installing this system that is supposed to lower energy bills, people are usually curious about the average efficiency of solar panels and the price. If you are one of these people, you’re probably wondering if they are really profitable and how much you can save.
Here are some of the most important facts you should know about solar panels for home.
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What is the price of solar panels?
The price of solar panels might be different depending on the state you live in as well as your desired size. The more panels you need, the higher the price tags become.
The average price for solar panels is about $4 per watt. A whole system can be as big as 5 kilowatts, which means it can cost you almost $19,000. That may seem too pricey, but it is worth it in the long run.
If you fear that this price won’t fit in your budget, there are ways for you to spend less on solar panels. Government incentives, for example, can reduce the cost of solar panels.
How to Spend Less on Solar Panels?
Federal investment tax credit is a way to make the price of solar panels lower. It can also save you some money on installation. Except for a national rebate, there are also regional discounts. If you add both, the price can be reduced significantly.
For example, if you have a house in Austin, Texas and want to install a large 7-kilowatt solar panel system, it would cost about $26,000. The city’s rebate will reduce $800 per kilowatt and you will save about $6,000. Thanks to the federal tax credit, you might be able to save an additional $6,000.
All in all, you’ll probably save more than $10,000 in total. So, before installation, consider checking the government incentives you can get in your city.
How Much Money Can You Save With Solar Panels?
The main reason to install solar panels is that it allows paying less for the electricity. How much exactly can you save?
Depending on the size of your system, you can save from $150 to $200 per month. The solar system pays for itself in a period of about 7 to 15 years. It is a good result considering the fact that it can serve you for 20 to 30 years.
The competition on the market of solar panels is growing, making them more affordable. If you also use the incentives and rebates, it becomes possible to install solar panels for less than $10,000.
Is It Worth Getting Solar Panels?
While making a decision about solar panel installment, it is important to think not only about the cost of the system, but also about the amount of sun in your area. Both direct and scattered sunlight is good for solar panels, but there still should be enough sunny days to feel the benefits.
Before installing a solar panel system, it might be a good idea to check a specialist’s opinion and find out if your state is suitable for solar energy usage. Another crucial factor is the location of the house and the roof.
Make sure it is possible to provide panels with good exposure. Check where the roof faces, the number of trees and presence of constructions that are situated around. In case the location is not satisfying, solar panels can also be installed on a garage roof or you can use a ground-mounted system.
Solar panels installment requires a lot of time but if you pay attention to all the details it might become a great investment.