How Much Do Solar Panel's Cost?
Cost of Solar Panels
The average cost of a solar panel is around $3 to $5 per watt. Your average residential home is looking at around 5kW to 10kW, depending on your home size. Depending on how much you need and your location, you may pay about $14,000 to $40,000. The average can shift; for example, if you're looking in the California area, it can go down to around $2.81 per watt or $2.31 in Arizona. The price can vary depending on whether you're tied to the existing utility system or go entirely off the grid.
Review Your Electric Bill
You're generating your power now! This means that you will be able to reduce your monthly utility bill significantly. Depending on how many days a year you get sun, you might even be able to reduce your monthly electric bill to zero when considering whether you would benefit from installing solar panels.
Estimate How Many Solar Panels You Need
The average home will need between 20 to 25 panels. The main factor is based on the home size and your final intentions. It is better to build out the whole system you desire upfront as you will save on labor and installation costs. Also, you might end up forfeiting incentives if you do not do all of the installations in one go.
Federal Incentives
The US federal government wants this to become a reality for many homeowners who can handle the upfront costs. But it would help if you hurried because the incentives are set to disappear by 2023. Between now and the end of 2022, the discount incentive (how much you can get back) will be 26%. By 2023 it will be down to 22%! In 2024, it will be zero for residential owners, meaning you will pay the sticker price.
The Future Of Solar
Energy pricing is headed only in one direction, and that is up. It is also viable to shift based on usage and the current market price. Your family size might grow, or you may work entirely remotely, increasing the cost. Why not take advantage of the guaranteed discount and look to make that solar panel upgrade you've been thinking about anyway. It is a one-time fixed cost that starts paying itself from day one, as it will generate the energy you need naturally. Your utility bills go down, and your savings go up. Eventually, you will get to a month where your utility bill becomes an afterthought.
