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The Average Cost of Solar Panels: An Informative Guide

Published

3 years ago

March 30, 2021

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 power to choose texas electric 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. With Direct Energy power to go, you have the opportunity to experience their green and renewable energy plans.

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?

FAQ:

1) What is the cost of solar panels on average?

A) The average cost of solar panels can vary, but it is typically between $15,000 to $25,000.

2) What factors can affect the cost of solar panels?

A) The cost of solar panels can be influenced by factors such as the size of the system, the location, the quality of the panels, and any additional features or equipment.

3) Are there any government incentives or rebates available for solar panel installations?

A) Yes, in many countries, there are government incentives and rebates available for solar panel installations. These can help reduce the upfront costs and make solar panels more affordable.

4) How long does it take to recoup the investment in solar panels through savings on electricity bills?

A) The payback period for solar panels can vary depending on the cost of electricity in your area, the amount of sunlight, and other factors. On average, it can be between 5 to 10 years.

5) Are there any ongoing maintenance costs for solar panels?

A) Solar panels generally require minimal maintenance. However, there may be occasional costs for cleaning and inspection, as well as replacing any faulty components.

Let us know in the comments below!