The initial cost to install solar panels may seem daunting, but it is one of the best investments you can make in your home. Solar panels will help your home go green and cut back on your electric bill by using the sun's rays as energy. Solar panels can be installed on almost any roof type and are an excellent option for any home regardless of where you live!
What Is The Average Cost To Install A Residential Solar System?
The cost of residential solar panels can vary greatly from $10,000 to upwards of $50,000 depending on your home's energy consumption requirements and on what type of system you install. 5-kW systems cost less while a 10-kW system, for example, is going to be significantly more pricey. That said, it should be noted that a 5kW system typically doesn’t produce enough electricity to offset a home's full energy usage. Over the last 12 months, Complete Solar has installed systems ranging from 2.6 to 12.7-kW with an average solar system size of 7.6-kW.
The installation cost and what system you install are all dependent upon how much energy your household consumes. It is important to factor this in when deciding what system you want so your solar panels can support your energy needs.
In addition to the factors listed above, it’s also important to consider the following:
How Shaded Is Your Roof?
Depending on when and where the shade hits your roof, it may mean you need more or less solar panels to get the best outcome for your home's energy needs.
Solar Financing Options
You’ll need to have a great-to-excellent credit score in order to qualify for the lowest rates and monthly payments. High-interest rates can make financing solar panels expensive and increase the amount of time it takes before you begin to see savings.
Local Incentives And Federal/State Rebates
You can save money by ensuring you have a roof that gets adequate sun, finding quality contractors for your solar panel installation, and checking out federal and local incentives/rebates that are encouraging people to go green!
Factors That Influence The Price Of Installing Solar Panels
A variety of factors come into play when installing solar panels. By knowing what effects cost you’ll know exactly what to expect when it’s time to install solar panels on your home! In fact, only 25% of the installation costs are for the panels. Knowing solar panel costs can also help you budget and start saving for your eco-friendly energy system.
Solar Panel Wattage
Larger watt panels produce more energy per square inch than smaller ones, but they're also more expensive. For that reason, large watt panels are usually installed on homes with less roof space. That being said, the majority of homeowners will get the most bang for their buck by choosing panels with a midgrade wattage.
The Type Or Material Of Your Home’s Roof
The type of roof you have will also dictate installation cost. Roofs that have asphalt shingles and flat concrete and rubber roofs make for very easy solar panel installation. Clay and slate roofs, while beautiful, will have a higher installation cost due to the fragility of the tiles. Each tile must be removed to mount the solar panels and this tedious process raises costs.
The Pitch Of Your Home’s Roof
The pitch or steepness of the roof determines how difficult solar panel installation is and if it’s even feasible. The steeper the roof the higher the cost of installation will be. If the roof's pitch is too steep your home may not be compatible with solar panels.
Federal And State Incentives
As of 2020 congress is providing a 26% tax credit for any solar panels that have been installed from 2020 to 2022. This program will continue to 2023 with a 22% tax credit for solar panel installation. This incentive is to encourage going green and renewable energy. If you have installed solar panels or are looking to install solar panels this tax credit definitely makes a difference when it comes to your money!
Solar Battery Storage
When it comes to selecting battery storage for your home’s solar system, there are a number of considerations that must be made when evaluating your energy storage options. These include the power rating of your system, the battery’s usable storage capacity, the efficiency of your storage system, physical size, safety, and more.
Your Home’s Electricity needs
Your home’s electricity needs will impact the cost of the solar panels. A family of 5 with a work-from-home parent is going to need more efficient solar panels than a single person who works in the office. Be sure the type of solar system you install can support your electricity needs.
Complete Solar Is Here To Help With Your Solar Panel Installation!
There are many considerations when looking at the cost of solar panels for your home and Complete Solar is here to help. With years of experience in the industry, we can answer any questions you may have and guide you to the best and most efficient solar panels for your house. Give us a call today to see how much money you can save by switching to solar power. We look forward to working with you!!