There are about 2.8 million American households that are enjoying the benefits of solar power and those numbers are expected to rise.
We often hear about the savings associated with installing a home solar system kit. However, there are also upfront costs that homeowners need to prepare for.
How can you start saving for the home solar system cost? How much will the savings offset that initial upfront cost?
Read on to find out more about the cost of solar systems for homes.
Estimating Your Home Solar System Cost
The truth is that there’s no one-size-fits-all answer to the question of home solar system costs. It all depends on where you live, how many solar panels you need, and how much of your energy use you want to replace with solar power.
How Much Energy Does Your Home Use?
First, you will need to calculate your home’s average energy usage. Remember, if you want to go completely solar, you will want to harness more than enough solar power to cover your home’s energy usage. If you want to use partial solar power, base your calculations around the percentage of energy you want to replace.
How Much Sunlight Does Your Area Get?
One deciding factor that is outside of your control is sunlight. How many hours of peak sunlight does your area receive? This will impact not only how many solar panels you need but how much of your energy usage you can cover with solar power.
The Cost of Solar Panels and Installation
Once you have the first two figures, multiply them together. Then, divide that figure by the number of watts per panel you intend to install. This will tell you how many solar panels you will need.
Solar panels tend to cost $3 to $5 per watt. For most homeowners who want to go rely fully on solar power, the cost of panels and installation will run between $13,000 and $25,000.
Keep in mind, however, that this is before any tax credits and other incentives you can receive. Federal tax credits tend to save homeowners about $6,000 on the cost of solar panel installation.
Factoring in Energy Bill Savings from Home Solar Systems
How well will your solar panels convert to energy bill savings? Once again, the answer varies–this time, depending on things like the cost of energy in your area and the amount of solar power you can harness. Take a moment to estimate savings for your neighborhood.
There are other positive ways that solar power can impact your wallet. In addition to the federal tax credits and incentives we already mentioned, a home solar system will raise the property value of your home.
Are You Ready to Invest in Clean Energy?
If you’re prepared to cover the upfront home solar system cost, you’re ready to start enjoying clean energy and long-term savings. What are you waiting for?
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