The Cost of Installing Solar Panels
The initial cost of having a photovoltaic system installed can be expensive. Most of us can agree that we’d like to pay less for our energy consumption, but it can be difficult to weight the short-term, recurring cost of nonrenewable energy against the long-term savings of solar power.
Depending on the energy requirements, solar capacity and quality of materials used, the cost can vary pretty widely, but they typically fall between $20,000 and $60,000 for a standard sized home. That’s a big investment and it’s important to know what you’re getting into!
Saving Money on Solar Panel Installation
One thing that helps homeowners and businesses alike is the Solar Investment Tax Credit, which pays back 30% of the cost. The current rebate is in place until 2017 under current legislation and goes a long way toward helping offset the initial costs of implementing solar power.
You can also lower your initial costs by leasing, which is an option that is offered by most major solar companies. Leasing provides the benefit of very little upfront cost to you, but in exchange the long term savings and costs benefits are passed on to the financing company.
Even if you’ve already decided that you’re ready to transition to solar energy, there are some things you should consider. This list includes:
- Current electricity usage
Ultimately, your potential savings–and how quickly you recoup the initial investment–is tied to how much electricity you currently use. This is a very important consideration and any good solar company should help you determine your energy needs with thorough analysis.
- Sun exposure
Latitude and weather patterns are a big factor in how effective solar will be in producing energy for your home or business.
- Roof condition
Replacing a roof is never cheap and it’s even more expensive after solar panels have been installed. This is an important consideration since an early assessment of your roof’s condition can save you a lot of money in the long run.
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