A lot of homeowners are choosing to invest in residential solar panels. If you pay attention the next time you’re driving through your neighborhood, you’ll probably see dozens of homes with panels on their roofs.
Is this a good idea for you? Sure, you can save money on your electric bill and reduce your carbon footprint, but how much does a solar panel system cost? And more importantly, are the benefits of a solar panel installation worth these costs?
Keep reading as we set out to answer these questions.
Generally speaking, most homes can be completely powered by solar through a system costing between $13,000 and $15,000. Your costs will vary depending on where you live, the solar installers you choose, and your household energy needs.
However, your new solar panel installation has the potential to add 4.1% to your home’s value. Therefore, if your home is already worth $300,000, adding a solar system will make it worth $312,000. Essentially, it will have paid for itself.
Of course, when looking at green energy systems like solar energy, you can’t ignore the positive effect they have on our planet. Right now, our primary means of energy production involve burning fossil fuels. Not only are fossil fuels running out, but this process is terrible for the environment.
By investing in green energy, you can do your part to help heal the planet. For some people, this alone makes the solar panel system cost worth it.
If you’re more attracted to the financial benefits of solar energy, you’re in luck. After you buy solar panels, batteries, and all the other components, be sure to keep the receipts. The costs of your equipment and installation can be claimed on your taxes.
Through the year 2022, the federal government will give you a 26% tax credit based on your solar panel system costs. You can get thousands of dollars back on your taxes. And if you’re worried about how to pay for your system, take a look at some options for paying for solar panels here.
State Solar Programs
Did you know that most states offer some type of incentive program for people who invest in residential solar panels? Some states provide valuable discounts and rebates on your solar panel costs while others reward you based on how much energy you produce.
For example, net metering monitors your power production and gives you cash based on your system’s performance. Additionally, if your home is still connected to the grid, you can sell unused energy back to the energy companies.
Finally, and perhaps most obviously, the solar panel system costs are worth it because you can save money every month on your electric bill. While this may not seem like much, these bills add up. Over the course of a year, we’re talking about thousands of dollars.
Over time, your energy savings will pay for your solar system entirely, and that’s not even accounting for all the benefits listed above.
Are the Solar Panel System Costs Worth It?
What do you think, are the solar panel system costs worth your time and money? We hope our guide provided you with the answers you need to come to a conclusion. And remember, you can always start small and add to your system overtime if necessary.
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