Can You Afford Solar? Comparing Solar Energy Costs3 min read

The most common misconception people have about solar energy is that they can’t afford it. There are installation and hardware costs, and tax refunds to consider when determining how you can afford solar panels. Read on to learn more about how to confidently navigate the important costs of solar panel installation. 

Affording Solar Panel Installation

Solar energy is increasing in popularity. Manufacturers and installers compete to produce affordable and efficient solar panel projects. This creates a better market for consumers, who have more affordable options.

Overall, the costs of solar panel installation have fallen over the last five years. The average price for solar panels is between $11,000-$14,000. The federal solar tax credit can save you 26% off the cost of installation. Some states and municipalities also offer rebates or other incentives. 

Increasingly popular are 0% down, low-interest loans specifically for solar panels. Once you get past the initial upfront costs of solar, your electric bill will drop. Both savings and installation costs depend on the size of the unit you install. Larger projects require more investment upfront but offer higher returns on savings. 

Do Not Miss These Hidden Costs

The characteristics of your property should be considered in order to maximize your cost savings. Sunlight exposure, the slope of your roof, the presence of skylights, and other physical aspects are all considerations that may prevent or increase the cost of solar panels. 

Don’t forget to consider the price of additional hardware such as solar panel batteries and inverters and the cost variance between installers and manufacturers. High-quality solar panels will be more durable and more efficient, and yes, most often more expensive. Learn more about solar panels and clean energy at PoweredPortableSolar Blog.

How Solar Energy Can Save You Money  

The real impact of eco-friendly energy on your utility bills might surprise you. Use this Clean Energy Database to search for more detailed information about solar policies and incentives in your state. The two most common ways to see returns on your clean energy generation are through net metering, and feed-in tariffs.

Net metering tracks how much electricity is produced from the solar panels. Then, the retail value of those kilowatt-hours gets returned to the owner. Feed-in tariffs pay people for the amount of clean energy they return to the power grid.

The property value of a home increases when it has solar panels. Your electricity bill will not disappear, but in most states, the average home with solar panels will save between $10,000 and $20,000 after 20 years.  

Are Solar Panels Right for Your Home or Business? 

Whether you live on the east or west coast, are considering installing solar panels on your home or business, paying in full, or taking out a loan, solar energy is eco-friendly, energy-efficient, and cost-effective. People enjoy having control and choices when it comes to power. Solar panels keep your power production under your supervision.

Are you eager to browse more informative reads? If so, keep scrolling our blog. 

 

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