Solar power can be a great way to save money on your energy bills, but it’s an expensive investment. There are various factors that determine the price tag associated with installing a system at home; therefore, working with an experienced solar installer to find the most cost-effective option is recommended.
Your solar installation costs can range anywhere from $3 to $5 per watt, depending on your location and provider. However, there are a variety of incentives and tax credits available that could further reduce these expenses.
Reduced Energy Bills: Installing a solar panel system correctly can save homeowners up to $1,500 annually on their electricity bill. While this may seem like only a small savings at first glance, over time these savings add up.
Increased Property Value: Installing solar panels on a home can make the property more desirable to prospective buyers, according to research by the National Bureau of Economic Research. On average, homes with installed solar systems typically experience an increase of 4% in resale value.
Payback Period: Once the initial installation costs have been paid off, your solar panels will begin to pay you back through reduced electric bills over time. While the payback period for each home differs, if you can estimate your average electricity bill and work backwards from there, then it should be easy to estimate when these solar panels will cover their initial investment.
Savings on Electric Bills: The primary advantage of a solar system is its potential savings on monthly electrical bills. A well-designed and optimized system tailored for your home’s energy requirements can cut your bill by up to 50% depending on how much sun you receive each day.
Reducing Your Carbon Footprint: Residential solar systems are the cleanest form of energy production, as they don’t use fossil fuels to generate it. That means you won’t release any greenhouse gases or other pollutants into the atmosphere that contribute to climate change, nor do they cause harmful environmental degradation such as acidification of land and water ecosystems or corrosive effects on buildings.
More Efficient Solar Technology: Through the years, scientists have made major advancements to solar cells which increase their efficiency. The newest models can be up to 14 percent more efficient than older models.
Low Maintenance Needed: Solar panels require minimal upkeep compared to other forms of energy. Having your panels professionally cleaned on a regular basis will keep them looking their best and help extend their lifespan.
Battery Backup Systems: If your roof has solar panels, it may be wise to add a battery that stores energy for later use. Having such an emergency back-up system in place can be crucial during times of power outages or other disruptions.
The solar industry has seen tremendous growth over the last several decades, but installation costs can still be substantial. Therefore, leasing options may be beneficial for those who cannot afford an outright purchase of solar panels or have other financial constraints.