Determining the Actual Cost of Residential Solar Panels
When it comes to solar energy, there’s a ton of benefits, but there is also a tradeoff to consider. Essentially, you pay a bunch of money for a solar system now, but what you’re buying is a chance to save on your electricity bills for as long as your system lasts. So when does it all become worth the investment? At the end of the day, what is the real value of solar energy?
To answer that question, you first need to know how much your solar panel system will cost. Unfortunately, there is not one single answer to this question. If you have a larger house, then of course, you will need more solar panels. You may also choose to have fewer panels, knowing that you will absorb less energy. However, most solar arrays cost between 10,000 and 50,000 dollars, with the average falling between about 17,000 and 20,000.
Now that’s not the end of the story. You get federal tax credits for going solar, and there may be state incentives as well. All the credits and rebates could drop your system’s cost down to as little as 5,000 to 12,000 dollars. Read on to learn more about how to determine the real value of your solar system, before you make the investment.
At What Point Do Solar Panels Pay for Themselves?
So, when exactly do you get your money back after shelling out for a residential solar panel system? The answer to this question is also dependent upon factors such as how much electricity you normally use, and how effective your system is. Naturally, if your family uses a lot of electricity, then your solar panel system will start paying for itself much faster than if you use very little.
That being said, in most cases, solar panel systems typically pay for themselves in 7-20 years. If you were able to knock your costs way down with incentives and you normally use a lot of electricity, you can expect to be ahead of the game well before the decade is out. If you paid a little more money up front and your energy use is average or less than average, then you might have to hang in there a while longer before you recuperate your costs.
That being said, once your system is installed, all you’ll notice is the fact that you’re paying little or nothing at all on your electric bill every month. And once the system pays for itself, you’ll be enjoying extra savings in your pocket every month for free. For some, it is possible to save $20,000 or more over the life of the solar power system.
The Value of Solar Panels
In addition to the fact that you will start noticing savings right away and the system can pay for itself in just a decade or two or less, there are other benefits of going solar. You will have the good feeling of knowing that you are doing something beneficial for the environment, which in today’s perilous climate situation, is no small thing.
Solar panels can also increase the value of your home, so you might even end up turning a profit on your solar panels.
Save On a New Solar Panel System Now
Of course, the more you save on your solar panel system installation initially, the faster your system will pay for itself and the sooner you can start to accumulate real savings. For help finding that affordable solar system, visit CalculateSolarSavings now.