If you’re looking to make a change in your overall environmental impact, there are few steps you can take that will be more impactful than switching to solar power. Solar power greatly reduces your personal need for reliance on the electric grid and allows you to operate your home off the power of the sun instead. Homeowners across the country have been switching to solar at a more frequent rate for years now. This is because not only is it good for the environment, but it can also help cut down on energy bill costs.
If you’re curious about making the switch yourself, you may want to know more about the cost of solar panels. How much will it cost you to get set up, and how much might you be able to save as the years go by?
Keep reading and we’ll walk you through the basics.
What Is the Cost of Solar Panels?
Despite the many advantages, solar energy is an investment that many homeowners struggle internally with due to the financial requirements upfront.
While the many benefits of solar panel installation can be worth it, especially in the long run, you’ll need to really budget to see what you can make happen at the initial installation point.
In order to do this, you’ll need to know what kind of costs you might be expected to face. How much does a solar panel system really go for?
As you might imagine, the answer isn’t always cut and dry. The fact of the matter is that each solar power system is different, created for the needs and specifics of each household.
There are various factors that might lead to the total cost of a solar panel installation. On average, solar panels tend to cost about $2.50 a watt. This can mean the average system can cost anywhere from $15,000 to $25,000 to install.
Factors That Determine Solar Panel Cost
One of the primary factors that will determine the overall cost of a solar power system is the general size of the system itself. The more energy a home needs to harvest, the more solar panels will be needed.
A small home that uses very little electricity overall, for example, will need far fewer solar panels than a massive home that leans on its electronic devices heavily. The small home will find the cost of solar panel installation much lower than the big home.
One easy way to determine what costs you might be facing is to look at your energy bills from the previous year. What was the total wattage that you spent over the course of the calendar year?
You can then do the math to break this down and determine how many solar panels you’ll need to generate this amount of power.
Of course, another major factor will be the access to sunlight that your property gets. The more time that a solar panel can soak up the sun, the more energy you’ll be able to harness and store.
A home that gets three hours of direct sunlight will need double the panels compared to a home that gets six hours of direct sunlight. That is, if they hope to create the same amount of energy.
More panels equal a higher cost, so this factor is also quite important in coming up with the final number.
Last but not least, not all solar companies charge the same for installation. You might want to compare financing to determine which company in your area could offer you the best deal.
Financial Benefits of Solar Panels
While getting a solar power system installed may be a big investment, there are many reasons to consider taking on this investment for your home. At the end of the day, this investment can really pay off financially in the long run.
There are a few different financial benefits of solar panels that you should be familiar with.
For one, installing solar at the current moment makes you eligible for an umber of tax discounts and credits. The federal government offers and renews a solar tax incentive that allows you to deduct a good amount of the cost of installation from the taxes you owe.
This can be a great way to save a lot of cash when switching to solar.
There are many state and local city governments that offer this kind of incentive as well.
Solar panel systems are also financially beneficial because they help you rely less and less on the power from the electric grid. Depending on how much energy you are able to harness, you’ll be able to bring your overall energy bill down by a great margin.
In fact, you even be able to make money. If your solar power system is able to create more energy than you need, this excess energy is sent back to the grid itself. The utility company should then credit your account for the energy that you provided, giving you a discount should you need the grid going forward.
Over the years, the savings that you obtain off of your electric bill can add up to be far greater than the cost of installation itself.
Understanding the Cost to Install Solar Panels
Many families are interested in switching to solar but stop short when they are uncertain about the cost of solar panels. The above information can provide everything you need to know about solar panel needs.
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