If you have considered going solar then I am sure you have wondered if it’s worth the investment and just how much does solar cost?
To really dig into these questions there are a few key factors you must consider before making a decision on your investment.
Cost of Solar
Let’s start off with the initial upfront cost.
To get solar panels installed at your home, the PV cost of a solar system can range anywhere from $15,000 – $20,000 depending on what size the system is. The good news is that the solar system is made to last and it requires little to no maintenance.
Next up you are going to want to find out just how much you can save on solar. You can do this by getting a quote or calculating it out yourself. The installment process may seem a bit much but by reducing your bill if not completely eliminating it, you will understand just how much you will save in the long run.
Inspect Your Electrical Bill
It’s time to pull out your electrical bill and take a look at a few things. The first is how much are you paying per kWh, and is that high? You might be in an area where demand is high, so unfortunately you are paying a lot more for electricity. This might be a good reason to invest in solar.
The second is your usage rate – this one is a no-brainer. If your usage rate is high because maybe you are always at home or there are a lot of people who live at your house, then installing solar panels just may be a worthy investment.
Are you in an area with lots of sunlight? Solar panels need sunlight to generate electricity so go outside and inspect your home to see if there are areas where you can place solar panels to get the most sunlight possible.
Also, take note of your location! Some states get more direct sunlight than others. This is due to the distance and angle of the sun, so if you are in one of these states, your panels will be capable of generating more solar power.
If you search around a little bit you can find ways to save money through incentives. Here is a Federal Government Tax Credit that you can claim to reduce 26% of the installment cost on your solar system from your taxes.
Another incentive that also makes solar a worthy investment, and is dependent on your location, but some states actually allow you to sell back your excess solar to the utility companies. If you live in these areas, not only will you be reducing your electrical bill, you can make money off your solar panels.
State and Government Policies
If you are investing in solar It is always a good idea to know what direction both government and state policies are going. If you live in a state where your politicians are trying to push for lower taxes on solar, you can expect even more cost saving in the future.