Here Are the Factors That Determine the Average Cost of Solar - KTEN.com - Texoma news, weather and sports

Here Are the Factors That Determine the Average Cost of Solar

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Originally posted on https://homebusinessmag.com/lifestyles/home-improvement/factors-determine-average-cost-solar/

 

Going solar has many benefits, from saving money on your energy bill to powering your house during an outage to being green. But what about the cost?

Solar panels are popping up on more and more homes across America. Since 2008, we’ve installed enough to harvest an estimated 62 million gigawatts of power.

If the only thing holding you back from going solar is the price, you might be surprised at how affordable they can be. Let’s look at what goes into determining the average cost of solar panels today.

State by State Costs

The cost of putting solar panels on your home is affected by the state that you live in. For example, it’s cheaper to have solar in Florida than in Massachusetts.

That has nothing to do with Florida being the sunshine state. It’s all about the cost of energy.

The cost of electricity in your state determines how much your solar panels will cost. Once installed, you end up saving money in the long run, though.

System Size

A larger system will cost more than a smaller one. It takes more equipment and labor to install.

A 2kw system runs on average close to $6,000. Go up to 25kw and you’re looking at nearly $75,000.

Remember: the larger the system, the bigger the savings.

Brand of Solar Panel

There are many brands to consider when purchasing a solar panel system for your home. Weighing each brand’s pros and cons also involve considering their price, too.

For example, those in the cheaper range might cost up to $18,000 for a 6kw system. More expensive brands run around $30,000 for the same amount.

Don’t settle on the cheapest system. Do your homework and find out which brand works best for your home.

Other Factors That Affect the Average Cost of Solar

There are many other factors to consider when figuring out the cost of solar panels for your home. Here are a few of them:

  • Tax credit: In 2020, the tax credit for solar panels drops from 30% to 26%
  • Labor: The cost of installing or repairing solar panels can be $100/hr
  • Upkeep: Broken glass, cracked panels, and more can cost you over time

Keeping your solar panels in great shape can be one of the biggest expenses long term. Weather, like hurricanes or hailstorms, can cause damage.

Look into what other incentives are available to you. Sometimes local governments or even companies offer warranties, discounts, rebates, or other incentives.

Is Solar Energy Right for You?

Figuring out the average cost of solar energy has a lot of variables. At the end of the day, it comes down to the reason you want to do it.

Being self-sustainable and off the grid, going green, or saving cash on energy are all great reasons to go solar. With this information and research into your local laws, you might find ways to slash your bill and make it affordable.

Want to discover more ways to improve your life? Keep up to date with the latest information from our news department.

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