According to the latest industry research, the cost of solar panels has decreased by over 70% in the last ten years. That, coupled with federal incentives, means this renewable energy source might be within your financial reach right now.
Despite these savings, solar panels are still a costly investment. So, as an astute homeowner, you want to know whether it’s worth installing solar panels in the long run.
Here’s how to figure out if solar energy is worth it for you.
What Do Solar Panels Cost?
The average 5 kW residential solar panel installation costs between $15,000-$25,000 upfront. You’ll get some of that money back from federal tax incentives and credits.
Various finance options and incentives from your local power company could help make your installation more affordable too.
According to https://blueravensolar.com/texas/plano/ rooftop solar can pay back its purchase price within a few years thanks to federal and state incentives as well as savings on your electricity bill.
So, although you can pay less for your installation, you’ll still have to pay a considerable amount of cash upfront for your solar panels.
Other Costs Involved in Installing Solar
A residential solar power setup doesn’t comprise solar panels alone, either. You’ll also need to pay for an inverter and however batteries you need to power your home.
Add to that the costs of paying a professional to install your panels, and the costs start to add up. Once you’ve added all the extras together, you’ll end up paying around $2.71 per watt for your installation.
How to Save With Solar
One way to reduce the upfront costs of your solar panel is by cutting back on the energy you need in your home as much as possible beforehand.
Replacing all your incandescent lightbulbs with LED lights decreases your energy needs for lighting by about 75%. You can also get rid of your electric geyser and oven and replace them with gas versions.
Remember, all these changes will slash your electricity bill too. So, you need to work out if solar is still worth it once you’ve implemented these cutbacks.
As a ballpark figure, most solar installers suggest that solar is only a good option if your quarterly electricity bill exceeds $300.
You can also opt for a grid-tied system, which gives you the convenience of using electricity from your power company when you need to. In return, your solar power system feeds any excess electricity generated back into the grid.
The power company will send you a bill for the difference between how much you use vs how much you returned to the grid.
A Matter of Conscience
Choosing to install solar panels brings varying benefits depending on your unique circumstances. Ultimately, you’ll save, but some homeowners might see a return on their investment sooner than others.
For many people, the environmental benefits of going solar make it worthwhile, regardless of the high upfront costs. Renewable energy sources are a major player in reducing the effects of global warming and ensuring a better future for us all.
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