Are you thinking about buying solar panels for your home? There are some things you’ll want to know, like “how much do solar panels cost?”.
There’s no denying the benefits of going solar, but most people are scared off when they start thinking of the initial price tag. What a lot of people forget about is all of the savings that you get in addition to lowering your carbon footprint.
In this post, we’re going to help you understand the costs associated with solar panels and how that initial cost is balanced out by savings and rebates. Read on and you’ll see that in due time, you’re going to break even on your solar panels and eventually start making money.
How Much Do Solar Panels Cost?
How much your solar panels cost in total will really depend on how many you decide to install. On average, installation and panels together can range from $15,000 to $25,000, but it could be more or less when you consider size, brand, and installer.
For instance, installing residential solar panels on your own can save you a lot of money, but it’s usually better to have the #1 solar company in your area do it. It’s a labor-intensive job that requires a lot of knowledge and experience if you want it done correctly.
The up-front cost can be scary for some, but there are loads of opportunities to make back a significant amount of that cost almost immediately with rebates and tax breaks.
Getting Solar Rebates and Tax Breaks
Everyone that purchases home solar panels will be entitled to the federal solar tax credit. This means that you’ll get a certain percentage of what you spent on installing your solar panels back after you file your taxes.
If you’re intending on purchasing your solar panels soon, then this could be as much as 26%. In 2023, the credit goes down to 22%, and then it will end altogether for residential solar panels in 2024.
There are additional credits that you can access depending on where in the country you live. Some states may offer cashback incentives, property tax exemption, and waived fees. Others allow homeowners to sell their excess power to the local utility companies.
All in all, you can come close to cutting the cost of installing your solar panels in half if you’re diligent about these credits. The larger the solar panel system you install, the greater the savings will be.
Saving Money On Your Bills
The other thing that you have to factor into buying solar panels is the money you’ll save each month on your bills. If you’re going completely off of the local power grid, then you’ll never have to pay for utilities and you’ll be saving that much each month. Even with grid-tie systems, you’ll save a significant amount of money over time.
Many people, when incentives and bill savings are factored in, break even on their solar panels in around a decade.
Go Solar, Save Money and the Planet
Now that we’ve answered the question, “how much do solar panels cost?”, you can see that there’s a lot more than meets the eye. What looks like a huge price tag is actually far less, and when you think long-term, almost nothing. In fact, you’ll be making money hand over fist before you know it, so go solar and you’ll be saving money and the planet.
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