The solar power industry is one of the fastest-growing in America.
One of the main reasons for this is the falling cost of solar panels. According to the Solar Energy Industries Association, the price of installing solar panels has dropped by 60 percent in the last decade alone. This is great news for everyone considering purchasing solar panels for their homes.
Today, we’re going to dig deep into the cost to install home solar panels. There are a huge number of people that would love to go solar but feel intimidated by the up-front cost of buying the panels and having them installed.
What most people don’t realize, however, is that the time to go solar is now. With so many incentives still available, solar costs may never be this cheap again, so keep reading and learn more about the cost to install solar panels.
How Much Do Solar Panels Cost?
There’s no denying that the cost of solar installation looks like a lot on paper. Of course, it depends on how many solar panels you want to install, who the installer is, and the types of solar panels themselves. You may be looking at anything from $15,000 to $30,000 or more to install solar panels.
It’s a scary number to look at if you’re working on a budget. That being said, there’s a lot more than meets the eye when talking about solar costs.
Lowering the Cost to Install Solar Panels
What people don’t see when looking at solar costs are the ways that you save money after they’re installed. Not factoring in solar incentives, tax rebates, and energy savings is missing a huge aspect of why people go solar in the first place.
One of the biggest incentives for going solar is the federal investment tax credit (ITC). This benefit allows taxpayers to claim 26 percent of the cost of solar installation on their taxes.
Some states will come close to matching this number. In New York, for example, the solar tax credit is a further 25 percent, which means you can claim 50 percent of your solar panel costs on federal and state tax forms.
There are other local cash rebates and incentives offered locally that you could qualify for as well – SRECs are a good example of this. These are certificates issued to solar owners when they produce a certain amount of energy.
Local utility companies are lawfully bound to produce a certain amount of their energy through solar, so you can sell your SRECs to them for cash so that they can hit their quota.
Benefits of Going Solar
There’s plenty more info all over the internet about how solar panels work, but the main thing to understand is that renewable energy is beneficial to individuals and the planet alike. If more people convert to solar, it’ll have a drastic effect on our carbon emissions as a whole.
Being able to do this hinges on the cost of solar dropping and becoming more accessible to everyone. All of the incentives we discussed above – combined with offsetting energy bills – means that solar panel prices aren’t as high as they once seemed.
Harness the Sun and Don’t Look Back
What is the cost to install solar panels?
Not as much as you think. The best thing to do is talk to a local solar provider to get a sense of how many solar panels you’ll need to offset your energy costs. From there, rebates and incentives will ensure that your solar panels will only help you financially.
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