The average electric bill in the US is $115, but there are many factors that can cause that amount to fluctuate, such as home size, the cost of electricity where you live, and what season it is and check the average cost of solar panels.
For many Americans, our electric bills are higher than the average $115, and thanks to green energy options like solar panels, we have an opportunity to lower our household energy costs. This article will go over the average cost of solar panels and why they could be a fantastic upgrade for your home.
Average Cost of Solar Panels
The Center for Sustainable Energy states that installing solar panels costs between $15k and $25k on average. Your costs break down roughly as follows:
- 35% for installation
- 49% for equipment (the panels, batteries, etc.)
- 16% for operational costs (maintenance and monitoring)
Solar panel prices can vary depending on a few key factors, which include:
- How much sunlight your home gets.
- Your average energy usage and utility costs.
- The cost of solar panels in your area.
- The cost of labor in your area.
- Any rebates or incentives available to you locally.
Solar Panel System Sizes
Solar panels come in a range of sizes between 2kW and 8kW, with their installation costing between $6,015 and $24,552.
For example, if your home uses 10,850 kWh per year and receives a decent amount of sunshine, you would want to install a 5kW or 6kW solar panel system to lower your utility bill.
Because solar panels are available in various sizes for different amounts of energy usage, you’ll want to consult with solar companies near you. They’ll be able to give you recommendations on which solar panel systems will best suit your home, and many offer financing options.
ROI of Solar Panel Installation
After buying solar panels and installing them, you could save between $650 and $1,500 a year on your utility costs. If we look at those savings over 25 years, they would add up to be between $15k and $40k.
As an example, if we look at Massachusetts, where electricity costs 18.5 cents per kilowatt-hour, installing solar panels will cost $14,000 on average. Over 25 years, you could save over $30k by buying solar panels for your home.
This means that the system would pay for itself in about 12 years.
Government Incentives average cost of solar panels
Due to the increasing need to switch over to green energy and cut carbon emissions, the Department of Energy offers a federal tax credit of 22% for solar panel installations done before December 31st, 2021. Many states and cities offer tax incentives and rebates for buying solar panels as well.
Be sure to check which incentives you qualify for when you’re considering installing a solar panel system.
Will You Go Solar?
There are many reasons to install solar panels, chief among them being the savings on utilities and their positive effect on the environment. Now that you know the average cost of solar panels and how much you could save, will you go solar?
Let us know in the comments below!
Tom Hanks Net Worth and Five Facts that are Fascinating About the Actor
Tom Hanks net worth: You ever imagined of Tom Hanks net worth? Well, you’ve come to the right place if...
(Vin Diesel) Mark Sinclair Net Worth In 2020, Biography, Awards, Family And Lots More
(Dwayne Johnson) The Rock Net Worth In 2020, Biography, Awards, Family, Career And Lots More
Jussie Smollett Net Worth In 2020, Biography, Awards And Lots More
Will Smith Net Worth In 2020, Biography, Awards, Family And Lots More
Daddy Yankee Net Worth In 2020, Biography, Career, Family, Awards And Lots More
Seth Carr Net Worth In 2020, Biography, Girlfriend, Career, Awards And Lots More
Kendall Jenner Net Worth and ten Facts less Known About her.
Kendall Jenner net worth is in millions. The American model is a versatile personality with various endeavors. Currently, she has...
Batwoman Nicole Kang Net Worth In 2020, Boyfriend, Biography, Awards And Lots More
Lexi DiBenedetto Net Worth In 2020, Boyfriend, Biography, Movies, Awards And Lots More
Savannah May Net Worth In 2020, Biography, Movies, Boyfriend, Awards And Lots More
Ruby Rose Net Worth In 2020, Biography, Awards, Career, Spouse And Lots More
Isabela Moner Net Worth In 2020, Biography, Boyfriend, Awards And Lots More
Kyla Drew Simmons Net Worth In 2020, Biography, Boyfriend, Awards, Family And Lots More
Lil Wayne Net Worth an Ten Biggest Career Moments of His!
Lil Wayne net worth is an impressive amount in millions. American rapper– Wayne is also a producer and music executive....
Jay Z Net Worth… And 10 less Known Facts about him
Swae Lee Net Worth In 2020, Biography, Career, Awards And Lots More
Kehlani Net Worth In 2020, Biography, Awards, Family And Lots More
Justin Bieber Net Worth In 2020, Biography, Awards, Wife, And Lots More
Nle Choppa Net Worth In 2020, Biography, Awards, Girlfriend And Lots More
Young M.A Net Worth In 2020, Biography, Awards, Career And Lots More
Cleopatra Dues Net Worth In 2020, Boyfriend, Career, Biography And Lots More
Cleopatra Dues Net Worth In 2020 Cleopatra Dues is an American Instagram star/model born on 12th May 1999. Keep reading...
Ten Greatest Musicians Of All Time
At the moment, there are over 1,200 music genres according to a comprehensive compilation and of course, countless numbers of...