Did you know that the cost of solar has fallen by more than eighty percent since 2010? Since it is much cheaper to install solar electricity on your house than it used to be, people often wonder whether or not it is a cost-effective thing for them to do.
Even though there is a large upfront cost involved, once your house is equipped with solar panels, you will no longer have to worry about paying electricity bills.
To help you understand whether or not you’ll be able to save money by getting solar panels installed, we’ve written a guide. Keep reading if you want to find out more.
Solar Power for Homeowners: Understanding the Cost
Before you do anything else, it is important to understand the cost of installing solar on your home. Expect to pay between ten thousand and twenty thousand dollars.
If you’re wondering why there is such a wide range in cost for solar panel installation, keep in mind that different types of solar panels have different prices.
And it will obviously cost more to install a large solar system than it will cost to install a smaller one.
You’re also going to need to invest in additional equipment. This includes things like an inverter, metering equipment, and wiring. You need to purchase a battery if you want to store your electricity.
Save Money by Making Use of Subsidies
Many local governments offer subsidies to those who invest in solar electricity systems. The national government also offers tax credits of up to fifty percent of the cost of a solar system.
If you make use of these subsidies, it will cost you much less to install solar panels on your home.
Figuring Out How Much You Will Save by Switching to Solar
You can figure out how much money you can save by switching to solar electricity by calculating the upfront cost of installing a solar system, and by estimating how much energy it will produce every year.
If you will still be using residential electricity, you’ll also need to take into account what your utility company’s pricing scheme looks like.
It’s common for utility companies to charge different rates throughout the day. If this is the case, you’ll need to figure out what times of the day you’ll be using residential electricity instead of solar electricity.
You should also figure out if it will be possible for you to make money by selling the solar power that your house produces back to the grid.
Understanding if You Should Get Solar Panels Installed
If you’ve been thinking about getting solar panels installed on your house but feel uncertain whether or not you’ll save money by doing this, it is important to figure out how much it will cost to install a solar system on your home.
If you are ready to switch to solar, we are here to help you. Please don’t hesitate to contact us today to get a free quote.