Are you thinking about going solar, but you’re wondering, “how much do solar panels cost for a house?”
The benefits of installing solar panels are plenty. They lower your bills by a significant margin and help you lower your carbon footprint along the way. With the effects of global warming becoming more palpable as the years go by, our reliance on fossil fuels for energy has to change soon, and going solar is a great way to do that.
Many people have this conception that solar panels are an unaffordable luxury, but we’re here to dispel that myth. In this post, we’re going to tell you how much solar panels cost. Keep reading because the answer might surprise you.
How Much Do Solar Panels Cost for a House
There are a few key factors that will determine the cost of your solar panel system. For one, different types of solar panels come in at different price points, as do inverters and solar panel installation costs. It also depends on how many solar panels you decide to install to cover your energy usage – a bigger system is obviously going to cost more.
On average, solar panel installation can cost anywhere from $10,000 to $30,000 or more. That may sound like a lot of money, and it is, but if you can afford the up-front cost, there are numerous ways to make your money back. We’ll discuss that next.
Looking At Solar Incentives
An important thing to consider, as you’re shuddering from the sight of solar panel costs, is that you can make a lot of that money right back with solar incentives. There are federal, state, and municipal tax credits and rebates that you can apply for that, when added up, can cover nearly 50% of the installation costs. So, when you install a $30,000 solar panel system on your home, you may end up actually paying around $15,000 in the end.
The state and municipal credits differ depending on where you live, but all American solar owners are entitled to the federal tax credit, which provides a 26% credit on your solar panels. It’s important to note that this is not a cash rebate but can reduce or eliminate your tax payments. There’s no limit on the amount you can claim, but this credit is set to reduce to 22% at the end of 2022 and go away completely by 2024 (unless congress renews it).
The Money You’ll Save…and Make
The other thing you have to account for when looking at buying solar panels is the amount of money that you’ll save each month. Residential solar panels are capable of eliminating your electricity bills, depending on the number of panels you install.
If you factor this in, you’ll be saving hundreds or thousands every year by having solar panels. There are also other ways to make money on your solar panels by selling excess energy to local utility companies.
There’s More Than Meets the Eye When It Comes to Solar
How much do solar panels cost for a house?
You can look at the overall installation costs and write off solar, or you can dig deeper and investigate the different ways that you can cut the installation costs down and save money by having them. There’s more than meets the eye with solar; when you factor incentives in with the money you save on your bills, it’s possible to break even within 5-10 years on your installation.
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