Solar panel installations in the US are through the roof! Even during the pandemic, installations grew 43% and reached a record high capacity of 19.2 gigawatts.
As of Q1 2021, the US can power more than 18 million homes with solar energy. This capacity is only expected to continue growing. But how much do solar panels cost? and are solar panels worth it?
If you’re a homeowner these are very important questions to ask. Homeowners make up a good amount of rooftop solar installations and for good reason—benefits! Installing solar panels on your roof offers both monetary and environmental benefits.
In this article, we will discuss those benefits and everything you need to know about buying solar panels.
How Much Do Solar Panels Cost?
Let’s cut to the chase, in the US the cost per watt for solar power is between $2.40 and $3.22. Therefore, the average price of solar panels with installation is between $17,760-$23,828.
This price reflects the 26% federal solar tax credit which solar companies automatically apply when you purchase solar panels in the US. However, to qualify you must own your home, own the solar panels—not lease, and your federal tax liability must suffice.
However, what the average price of solar does not reflect are local incentives and rebates. Because switching to solar can help reduce the effects of climate change, many states offer these incentives and rebates to encourage people to make the switch.
This means more savings!
Ultimately, the price of solar depends on your home’s unique energy needs. The factors include how much energy you use, the size of your roof, and how much sun it gets.
When you are ready to find a solar company, they will generate a quote specifically for your home. Many offer loans with zero-to-low down payments and zero-to-low interest rates.
Are Solar Panels Worth it?
Solar panels are worth it because your return on investment, ROI are greater. Solar energy is free, so if your panels cover your overall consumption, say goodbye to your electricity bill.
Typically, it takes about 7-9 years to pay off a solar loan and the average life span of solar panels is about 25-30 years. That’s decades of savings! Not to mention, solar panels can increase the value of your home by 4.1%.
Aside from the savings, solar panels are a clean and renewable form of energy. This means you can increase your energy efficiency while not emitting any polluting greenhouse gases.
Install Solar Panels Today
For homeowners on the fence about solar, we answered, “how much do solar panels cost?” and “are solar panels worth it?”
With a greater return on investment, additional monetary benefits, and the ability to increase the value of your home—solar panels are worth the hype. So make the switch today!
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