How Much Does Solar Cost?

Many people are considering the switch to solar power for their homes, but they may be put off by the cost. The good news is that solar energy is becoming more affordable every day. Let’s take a look at some of the factors that you need to consider when deciding how much solar will cost you.

Installation Costs

The installation costs of a solar panel system can vary significantly depending on where you live and how large your system is. Generally speaking, installing a 5-kilowatt (kW) system in the United States will cost around $20,000 before any available rebates or tax credits. That said, there are many states and local governments that offer incentives for homeowners who install solar panels, which can significantly reduce your up-front costs. It’s also important to note that installation costs have been steadily decreasing over the past few years due to advancements in technology and increased competition among installers, so if you shop around you may find more affordable options.

Maintenance Costs For Solar Panels

Once your system has been installed, it requires very little maintenance aside from occasional inspections and cleaning of the panels. Most manufacturers include an extended warranty with your system, which means that most repair costs will be covered during this period. However, after the warranty has expired, it’s important to factor in potential repair costs as well as any additional maintenance work needed over time. On average, maintenance and repair costs should not exceed 1-2% of your total installation costs per year.

Savings Potential

When people think about installing solar panels on their homes they often focus on the initial cost without considering how much money they could save in the long run. While this varies from home to home depending on location and usage patterns, it’s not unusual for homeowners with a 5-kW system to save up to $1,500 each year on their electricity bills! This means that even if you have an expensive up-front installation cost for your solar panel system, it should pay for itself within 10-15 years with all of the money you will have saved on electricity bills.

Conclusion:

Solar energy offers a great opportunity for homeowners looking to lower their energy bills while helping the environment at the same time. While there is an up-front cost associated with installing a solar panel system, this cost is offset by potential savings on electricity bills and government incentives in many areas across the country. With proper maintenance over its lifetime, a residential solar panel system can provide long term savings while helping reduce our impact on the planet!