If you are considering the switch to solar, you are not alone. Solar power is now the fastest-growing source of electricity in the United States, with more than 2 million US homes now powered by solar panels.
While it is well-known that solar panels can save you money on your energy bills and make your home more self-sufficient, it is often forgotten that solar panels cost money, sometimes a lot of money.
However, by understanding how to navigate solar panel prices, you will be able to get the best deal and switch to green energy for the lowest prices possible. Here is everything you need to know about the cost of solar panels.
1. Average Solar Panels Cost
First, let’s take a look at the average cost of solar panels. If we are to look at the United States as a whole, then the average cost of buying solar panels is $15,000-25,000, according to the Center for Sustainable Energy. This is the total all-in cost for equipment, installation, and a fully-functioning system that allows you to store excess energy.
Prices do, however, fluctuate wildly according to the state you are in and the local laws and incentives surrounding solar panels, which we will look at in greater detail shortly.
If you are wondering how much are solar panels, then the answer is around $11,000 to $14,000 for the panels alone. If you think you have the expertise to install panels on your own, then doing so could save you some serious money.
2. What Affects the Cost
There are many factors that affect the cost of solar panels and installation. First off, there is the basic economics of the size of your house, which will dictate your energy needs and how many solar panels you actually have to pay for, as well as how long it will take for a professional installation.
Another key factor concerns incentives. At a Federal Level, you can access a 26% tax credit on the cost of your solar panels that can be deducted straight from your tax return.
However, you may also be able to access a wide range of local and state incentives to further reduce the cost of going solar. In addition, how you choose to finance your solar panels (i.e. by leasing) will also affect the overall cost.
3. How to Save Money on Solar Panels
Fortunately, there are many ways to save money on solar panels. The most important of these concerns tax credits and deductions, so immediately apply for the Federal Tax Credit if you are paying for solar. Another important way you can save money is by choosing a company that allows you to do so.
For example, certain solar companies allow you to pay $0 upfront and enjoy free solar energy for the first 18 months, reducing your costs considerably. Always make sure to see what kind of incentives and sweeteners a solar company can offer you if you want to keep costs as low as possible.
Sustainable Home Improvement for You
Understanding what solar panels cost is just one important way to make your home sustainable and self-sufficient. For other essential tips on building a home that will last a lifetime, we have got you covered. Make sure to check out our Home Improvements section today for expert advice on making your house a home.