How Much Does It Cost to Install Solar Panels?
Do you live in a location that gets a lot of sunlight? Are you wondering if solar panels are right for you?
Solar panels are an investment, but you can end up with real savings in the long run due to the amount you’ll save on your energy bills. You’ll need to compare the solar panel cost with the amount of energy your family expects to use.
How much does it cost to install solar panels?
Let’s take a look.
1. How Much Does It Cost To Install Solar Panels?
The cost of solar panel installation will depend upon the size of your roof, as well as your geographical location.
The total for solar panel installation can run anywhere from $15,000 to $25,000.
Your installers will need to obtain permits and documentation from your local municipality. They’ll also examine your property and order equipment like solar panels and inverters. These are needed to convert direct current energy into alternating current energy.
Finally, solar panel prices include the labor it takes to actually install your panels. The great news is that solar panels require little maintenance, so you shouldn’t spend much on continued service.
2. The Value of Solar Panels
It takes about fifteen to twenty years to recoup the cost of solar panels. You’ll see the savings in your monthly energy bills since you’ll be relying on a free source of energy. If you plan on staying in your home for fifteen years or longer, your investment in solar panels could really pay off.
In addition, there’s a tax credit equal to 26% of the cost of purchase and installation of your solar energy system. While this isn’t a windfall, it’s money you won’t need to pay on income taxes. In addition, many states offer additional rebates and incentives.
Solar panels can be an economically sound decision if you plan on remaining in your home for a while.
3. Buying Vs. Leasing Solar Panels
Leasing solar panels involve a lower installation cost than purchasing them. You won’t, however, own the system and all of its components as you would as an owner.
If you lease solar panels, you’ll benefit from the lower utility costs associated with solar energy. With leasing, however, you won’t be eligible for the federal tax credit or any state rebates or incentives.
Some folks find a solar panel lease to be a problem when they try to sell their home because the buyer will have to take over the lease. If not, the seller may choose to buy out the remaining lease themselves. If you plan on selling your home over the next few years, leasing may not be the best option for you.
Generally, people find buying solar panels to be a more economically advantageous option. A purchased solar panel system can actually get you more money when you go to sell your home.
4. Affording Solar Panels
If you’re on a budget, talk to your solar installation company about their financing options. Many will allow you to pay the panels off a little each month.
You can also look into getting loans or an energy-efficient mortgage. Check with your state about available incentives.
5. Benefits of Solar Panels
Solar panels are a 100% renewable energy source. You won’t be relying on oil, coal, and natural gas, which can pollute the air, water, and soil.
In addition, you won’t have to worry about power outages. Solar panels work like batteries that get charged when the sun is out. It removes the expense and inconvenience associated with other forms of energy.
Solar panels will drastically reduce your energy bills. If you purchase them, they can also increase the value of your home.
In addition, solar panels can give you control when it comes to rising energy costs since you won’t be relying on sources of energy that change in terms of their availability and price.
6. Finding the Right Solar Energy Company
Before hiring a company to install your solar panels, you’ll want to do a little research. Talk to your family and friends and ask them for recommendations. You’ll want to work with a local company because they’ll be familiar with the climate and regulations in your area.
If you can’t obtain any personal recommendations, find some companies online. Call them up and ask for at least three references. Don’t be afraid to ask questions.
Was the company reliable and professional? How long did it take them to install the panels? Were there any unexpected costs along the way?
Check online reviews and make sure that what your hearing matches up with what other folks are saying. If you’re seeing similar comments over and over again, you are probably getting a good picture of the kind of service you can expect.
Get estimates from at least three different solar panel companies before making a decision. You’ll want to make sure that the price you’re getting quoted is reasonable for the size of your roof, as well as your geographical area.
The right company will be able to give you a written description of the costs involved in installing your solar panels. You’ll want to know that there will be no surprise costs after the installation has begun.
If you have any questions about what you’ll be paying for, ask your solar professional. A reputable company will be able to answer your questions patiently and professionally.
The Value of Solar Panels
How much does it cost to install solar panels? The exact price will depend upon several different factors. If, however, you find a solar deal you’re happy with, it can save you money for years to come.
For more solid financial advice, read our blog today.