Are you thinking of going solar but have a few concerns about cost?
If you don’t do a little bit of digging, solar panels might seem like an extremely costly investment. The average solar power installation cost on a home is around $20,000, but that doesn’t tell the whole story.
In this post, we’re going to break down solar power costs so you have a better idea of what to expect when you start talking to solar installers near you. Keep reading and you’ll understand more about the factors that affect the price of solar and how to keep your installation costs down.
Size of Your Solar Panel System
The biggest factor that affects the cost of solar panel installation is how many solar panels you purchase. The average solar panel system in the US is about 5kW, but that may not cover every family’s energy needs.
To figure out how much solar power you need, look at your energy bills to see how much energy you use per day in watts. You can then divide that by the irradiance number, which is the number of hours per day of peak sunlight.
Solar Panel Types
Looking at home solar power system costs, you have to think about the different types of solar panels as well. For instance, thin-film solar panels are cheaper than crystalline ones, but the latter is more durable and productive.
Thus, when considering cost, you have to take the long view. Better solar panels might be more expensive now, but in 30 years, you may have saved a lot more by having them over the cheaper, thin-film panels.
Installation Costs
Finding the right solar installer is an important part of the cost of solar panels. There are more and more solar installers out there, but you have to look at reputation first and foremost. An experienced company like Blue Raven Solar, for instance, is going to ensure that your panels are installed properly.
If you simply try to find the cheapest solar installer, you may end up paying more on maintenance and repairs down the road. Get a reputable company and your solar panels will start making you money right away.
Looking at Solar Incentives
Solar incentives are what can slash the cost of solar installation the most. The federal Investment Tax Credit is a 26% credit that every American solar owner can claim on their federal taxes for the year they purchase their panels.
Depending on where you live, there could be a myriad of other state and local incentives that further lower the cost. There are also things like SRECs, which can be sold back to local energy companies for a profit.
Solar Power Costs Don’t Need to Be Scary
Now that you have a better understanding of solar power costs, you can start searching for a solar installer near you. You don’t have to be afraid of the up-front cost of solar because incentives and monthly savings quickly negate these costs. Once you’ve got your panels up and running, you can break even pretty quickly.
If you found this helpful, visit us again for more real estate and home tips.
