There’s no doubting the fact that the world is running out of fossil fuels. Experts say that we can expect our oil reserves to last up to five decades, after which we will be forced to turn to alternative energy sources.
For many homeowners, it thus makes sense to make the switch to renewable energy now rather than later. As a result, more people than ever are wanting to install solar panels in their homes.
The one thing that often gets in the way of that desire, though, is the cost of solar panels. In this article, we’ll shed some light on the overall solar panel cost. We’ll show you how to evaluate solar panel prices and how to decide whether or not it’s worth the cost for your home.
How Much Does it Cost to Install Solar Panels?
The average across the United States for solar panel installation is between the $16,000 and $25,000 range. The exact cost that you will realize will depend on the size of the installation.
If your home requires more power, you will consequently need larger, more efficient solar panels. These will, in turn, be more expensive to procure and install.
One important thing to keep in mind, however, is that homeowners receive a tax break for solar panel installation. The federal government wants to incentivize a move to renewable energy sources.
Consequently, you are able to claim up to 26% of your solar panel installation cost as a federal tax credit. Instead of simply being a deduction on your taxable income, the benefit of a tax credit is that the value is applied directly against your taxes.
Thus, if your total installation cost was $20,000, you could get more than $5,000 in saved taxes!
Are Solar Panels Worth the Expense?
To judge whether or not solar panels are worth the expense for yourself, you’re going to have to do a couple of different things. Firstly, you’ll have to look at your historic electricity usage to figure out how much you are paying per year.
Then, use the bill to figure out how many kiloWatt-hours you are consuming every year. This will tell you what size and complexity of solar panels you will need to power your home.
Last but not least, talk to contractors in your area to get a quote for solar panel installation using the figure you calculated in the previous step. Adding solar panels to your home is a job that requires professional expertise, so make sure that you only talk to contractors with a reputation for excellent work.
Plan for Your Energy Requirements
There you have it. Now that you know how to calculate the cost of solar panels in your area and whether or not it’s worth it for your home, you should be far better equipped to make the decision of whether to install solar panels or not.
For more home improvement advice, be sure to take some time to check out the rest of the articles on the website before you leave!