Are solar panels expensive?

While the benefits and perks associated with solar energy are well-documented, you may be confused by the high upfront costs of a solar photovoltaic system. Are solar panels worth the cost? The Home Media Reviews team has researched the top solar companies in America to help homeowners decide which panels and installers will be most beneficial.

Are solar panels worth the investment?

Solar panels can help you reduce your carbon footprint and increase your home's worth. The National Renewable Energy Laboratory (NREL), recently found that every dollar spent on energy can increase a home's worth by $20. This is a 20-to-1 return of investment (ROI).

Roofing

The design of your roof will have an impact on the cost-effectiveness and efficiency of your solar panels. You want your roof to have a large surface area and not include any skylights, chimneys, or other roof features that could hinder the installation of solar panels.

For smaller roofs, solar panels might be worth the investment if you choose to install monocrystalline solar panels. They generate more power with less space.

For solar panels, the ideal roof slope is between 30 and 45 degrees. Installing solar panels on steeper roofs can be difficult for technicians. This could lead to higher labor costs as well as additional mounting costs.

Tax incentives

Rebates and tax incentives for solar energy are available at both the state and federal levels. The federal tax credit provides a 26% credit for residential solar system installation through the solar investment credit (ITC).

Other solar incentives may vary from one state to the next. Florida, for example, offers homeowners the Property Tax Exemption for Renewable Energy Property. This incentive increases the value of your solar installation by offering a 100% exemption on residential renewable energy property taxes and an 80% abatement on nonresidential renewable energie property taxes.

To find out about other rebates or tax credits in your state, we encourage you to visit the Database of State Incentives for Renewables & Efficiency.

Energy consumption

You should first take a look at your monthly energy consumption before installing solar. The U.S. Energy Information Administration estimates that the average household consumes 893 kWh per month. A residential solar system can produce anywhere from 350 to 800 kWh per month. You can therefore save up to 95% on your utility bills

Switching to solar is a smart investment if you have higher electricity rates. If your home doesn't require much energy to run day-to-day you might not be able to save enough to offset the installation cost.

Also, you should contact your local utility company to find out if they have an established net-metering plan. The net-metering billing system allows you to send back the energy generated by your solar energy system to the grid. You can also subtract the amount of energy you produce from your energy bill. This will save you money and provide clean energy to your community.

 

How much do solar panels cost?

Prices for solar panels vary by brand and retailer. Solar panels are only a small part of the overall cost to install a solar system. The remaining costs of a solar panel system include ongoing maintenance and additional equipment like inverters or solar batteries.

Solar panel installation costs vary from one property to the next. According to the Solar Energy Industries Association, the cost of installing a residential solar panel system for residential use has fallen by more than 60% annually over the past decade. Professional installation and equipment will cost between $16,000 to $21,000 for a 6-kWh standard system.

 

Smart Solar New Haven

New Haven, AZ

(475) 278 9244