Understand the Cost and Benefits of Installing Solar Panels on Houses

Understand the Cost and Benefits of Installing Solar Panels on Houses

The number of people considering solar panels continues to increase as the supply of fossil fuels decreases. Aside from this, mitigating climate change and global warming also push people to go green.

However, you must know what you’re getting into before installing a solar power system.

If you’re looking to invest in solar power, our guide can help. Keep reading to find out how solar panels on houses can benefit you:

Benefits of Solar Panels on Houses

Like other home renovations, adding solar panels on houses helps increase property value. For median-valued houses, a solar panel installation will increase your home’s value by up to 4.1% more. If you own a median-valued home with solar panels, your house is at least $9,274 more expensive. 

Residential solar panels can help free up utility bills. With a solar panel system, you produce your electricity for free for as long as 25 years. Solar panels are ideal if you consume a lot of power and live in areas with expensive electricity bills. 

Aside from these, installing solar panels will also help reduce carbon emissions. Residential solar panels system cut 3 to 4 tons of carbon emission per year, equal to planting around 100 trees.

How Much Will Installing Solar Panel Cost?

As the solar industry grows, solar panel costs decreased by more than 70%. A $40,000 average-sized solar panel system in 2010 now ranges from $17,000 to $20,000. Meanwhile, solar panel installers charge an installation cost of $3 to $4 per watt, while utility costs for solar systems range from $16 to $35 per megawatt-hour.

Federal and local tax credits and incentives help lower solar panel cost. The Federal Solar Investment Tax Credit entitles homeowners planning to install solar panels from 2020 to 2022 with a 26% tax credit. You’ll subtract more than $5,000 on your federal tax if you install one this year.

Meanwhile, if you’re looking to install solar panels around 2023, expect to receive a 22% tax credit. It’s equal to around $4,200 to $4,400 tax credit, which is at least $1,000 less. 

You can also save money with net metering. When your solar energy system produces too much electricity, send the excess to a power provider company and get some credit. You can also store the energy in a solar power battery to either sell or store it in emergency cases.

Contact a Solar Company and Invest in Solar Energy Today

Solar panels on houses are a wise investment, as it not only provides great benefit financially, but it’s also helpful in reducing carbon emissions. If you still don’t have a solar panel system installed at home, it’s time to get one and reap these benefits.

However, deciding to get a solar power system for your home is the first step. You must search for the right company to install your solar panels. With lots of providers in the country, it’s best to look at their offers and reputation.

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