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Is Going Green Worth It? Understanding Solar Costs

Are you sick of paying those hefty energy bills each month? Is your family tired of avoiding the lights and appliances just to cut back on electricity usage? If so, solar panel installation might be right for you.

Not only will it save you money, but it also helps the environment. To learn more about solar costs and the benefits of solar panel installation, continue reading below.

The Average Cost of Solar Panels

The average cost of solar panels ranges from about $17,000 to $24,000 after your federal solar tax credit is applied. This price range is for 10-kilowatt installation, and the average price per watt is about $2 to $3.50.

In addition to receiving your solar tax credit, some states even offer rebates and other tax breaks for installing solar panels. Overall, you should receive at least a 26% cut on your initial installation cost.

Solar Panel Cost: How Long Does Installation Last?

Solar panels last roughly 10 to 20 years. However, the longevity of your solar panel installation depends on where you live and the overall size of your panels. During that timeframe, the money you save on your electricity will usually pay for itself and then some.

Solar Costs: Is it Worth the Money?

As stated above, solar panels are intended to save you money over time. You can expect to pay quite a bit up front.

However, if you live in a large house with high electricity bills, it’s worth every penny. This is especially true if you reside in hot areas like Arizona and Florida that require lots of air conditioning.

Let’s say your electricity bill is an average of $300 per month. Within 15 years, you’ll spend $54,000 on your energy costs. If installing solar panels can help you cut a third of your bill, you’ll save you drastic amount of money over time.

How to Know If Solar Panels Are Right for You

One of the best ways to figure out if solar panels are a good option is to look at your light bill. Take about six months and review your statements each month. If you’re spending an excessive amount, then you have to find ways to cut back. 

Installing solar panels might be the way to do so. Also, evaluate where you live. You can use a solar estimate calculator to decide whether or not solar panels will be efficient for the area that you live in.

Lastly, you should only do it if you plan to be in your home for many years. If you know that you might move, it’s not a good idea. 

If you believe that solar panel installation is right for you, check out this zero commitment savings report.

Understanding Solar Costs

As you can see, the solar costs for panel installation aren’t cheap. However, if you have a game plan in place, you can make it work and save money over time.

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