Solar Power: Is the Cost of Solar Panels Worth It?

You’ve probably heard that switching to solar power can save you money on electrical costs. Are solar panels worth it, though? You’ll need to determine maintenance and installation costs and then review your savings to know if solar panels are right for you. Here’s some information about them and why it might be wise for you to invest in them. 

The Cost of Solar Panel Installation

The cost of solar panel products and installation can vary based on the company you use for installation, the amount of equipment you need, and other factors. Typically, you can expect to spend between $10,000 and $15,000 on installation and maintenance without any discounts or special programs.

That raw price can seem a little stiff if you’re trying to save money on electricity costs, but it can work well for you in the end. You can also reduce the cost of installation and equipment using available state and government programs as well as rebates and discounts. In other words, don’t assume you won’t see any savings just because the cost seems high.  

How Much Can You Save on Electricity?

The average electricity savings are estimated to be about $1,500 a year. You can get a much closer estimate by using a solar savings calculator. Various factors such as your current monthly electricity bill, the type of home you own, and the type of materials you use can change the savings. For example, you could save more than $2,000 yearly on your bill. But you would start seeing the benefits of the solar panels within 10 years based on the original estimate. If you take advantage of a program, you’ll see the savings a lot sooner. 

How To Get Discounts on Solar Power

You can find many interesting ways to cut down the costs of solar panels. One way is to search for older models. You don’t need to buy used panels, but you can speak to a distributor and ask if they have any older panels they haven’t sold. You might see a significant difference in the price of the old ones from the newer models. Most things go down in value after their first year. Thus, you could experience great savings by seeking panels released in the previous year. 

Another way to get savings on your solar panels is to apply for a rebate. The government offers 30 percent rebates to homeowners who invest in solar energy. Some state programs will help. New York offers a 25 percent tax credit to individuals who purchase solar panels, for example. Remember that you may not have to pay for your solar panels upfront. The FHA may allow you to take out a second mortgage on your home if you want to buy solar panels.  

Solar panels can be an excellent option if you want to save money in the long run. They are the wave of the future for many people. Speak to a helpful advisor about your options and receive help with calculations about solar panel savings.