There’s enough solar energy in Colorado to power over 400,000 homes. With solar panel installation becoming increasingly commonplace in the U.S., a lot of people are wondering about the cost of solar panels and their affordability.
So how much does it cost to install solar panels? Does it cost a lot of money to maintain throughout your lifetime?
That’s what we’re here to look at today. Read on to find out more about the price of solar panels.
Breaking Down the Cost of Solar Panels
When you switch to solar energy, most of the cost is paid or arranged during the installation process. Once they’re properly installed, you might have to pay for extra electricity that isn’t generated by your panels.
Other than that, solar panels are generally hassle-free. They don’t cost a lot to maintain and are incredibly durable given the right environment. The initial cost, however, is what most people are concerned about.
The SEIA estimates that an average household pays up to $20,000 for solar panel installation. This might sound like a lot, but the price has gone down considerably over the past few decades due to higher demand.
These prices are usually calculated by wattage. For example, if your home ends up with approximately $3 per watt and you need about 5 kilowatts, you’ll look to pay about $11,000 for solar energy.
How Solar Panel Costs Change
It goes without saying that not all solar panel installation costs are the same. The size of your home or your average electricity usage affects your end price.
The solar panel brand that you choose affects your price, as well as the model you choose for your home. Some panel systems let you store excess power into a battery, while others channel that extra power to a grid.
The electrical rates in your county or state often affect your solar panel costs. Also, keep in mind that you need the right equipment, resources, and manpower to install solar panels.
How Do You Save on Solar Panel Costs?
When people talk about saving on solar panel costs, they often point toward the federal tax credit for solar energy. This program lets you file a tax credit that’s calculated based on the total cost of your solar panel system.
There are also plenty of opportunities to save on solar panel costs through state and local rebates. A lot of electrical companies provide rebates for homeowners installing solar, as they consider it a “best practice.”
Most solar installation companies provide multiple payment options and leasing if you want to make your budget more manageable. If you’re in the Colorado area, you can get your first 18 months free on solar energy.
Saving on Cost of Solar Panels
Figuring out the cost of solar panels can be daunting since they’re substantial investments for most. Use this guide to help you understand how much it costs to install solar panels and start saving today!
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Guide to the Cost of Solar Panels