solar is more affordable than ever, the initial costs are considered high.
Luckily, there are incentives in place that can help homeowners who want to lower their monthly bills.
So, how much will it cost for you to go solar? Will the upfront price be worth it in the long run? Keep reading to find out.
Average Cost of Solar Panels
On average, the cost of solar panels can be anywhere from $3,500 to $35,000 depending on the model and types of panels. The installation costs alone are generally between $15,000 and $25,000.
These costs vary depending on location. Regions farther from the equator typically cost more, while sun-drenched areas are more affordable.
Cost of Solar Panels by Type
Monocrystalline, polycrystalline, and thin-film solar panels vary in price. The most affordable option you can choose is polycrystalline.
Polycrystalline solar panels, on average, cost from $5,400 to $6,000 for a 6kW solar panel system.
For a 6kW solar panel system, monocrystalline and thin-film solar panels cost between $6,000 and $9,000. In other words, between $1 and $1.50 per watt.
Will Solar Panels Save You Money?
Solar panel installation cost and the system itself is the most expensive part of owning solar panels. The high upfront costs are worth it for a lot of homeowners who plan to save money down the line.
However, solar panel systems don’t save everyone money. Knowing if a system is worth it for you will depend on your situation.
These are the factors to consider when deciding if going solar is right for you:
Electric Bill
Roof solar panels generate their own power and can offset your monthly electricity bill or eliminate it altogether. The higher your electric bill, the more likely you are to benefit from going solar.
If your electricity prices fluctuate each month, your savings could as well. Energy consumption tends to change and can affect monthly prices.
Sunlight Exposure
House solar panels work best if your roof is facing the sun. More sun exposure means more energy production and a greater potential to save money.
Your roof type, home’s orientation towards the sun, and the amount of shade your home gets all affect solar energy output.
There are ways to estimate the efficiency of panels in your specific area. You can talk to an expert solar technician about going solar in your state.
Incentives
The government offers solar incentives that can make going solar even more affordable for homeowners. The residential federal tax credit allows taxpayers to claim a percentage of the installation costs for solar systems.
You won’t get this benefit in the form of a refund. Instead, you will reduce the amount you owe on your taxes.
There are additional credits you might find that are specific to your state.
Should You Install Solar Panels?
For a lot of homeowners, installing solar panels is a no-brainer. Although the initial cost of solar panels is high, they can save you money in the long run.
If you have high energy bills and a lot of sun exposure, you’ll have the best chance of lowering your monthly costs.
The federal solar tax incentive can help with installation fees. You’re also likely to find incentives in your state. When you consider these things, you’ll have the knowledge to do what is best for you.
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