Deciding to install home solar panels is a big decision with a lot of factors. There are a lot of costs that go into installing residential solar panels and even though they’re decreasing in price, they still might not be an affordable investment for everyone.
What are solar panels?
Solar panels are devices that convert sunlight into electricity. They are made up of photovoltaic cells, which are materials that create an electric field when exposed to light. When the sun’s rays hit a solar panel, the photovoltaic cells absorb the energy and generate an electric current.
The cost of installing solar panels has been dropping rapidly in recent years, making them a more and more attractive option for homeowners looking to save on their energy bills.
The average cost of a 6 kilowatt (kW) solar panel system in the United States is now around $12,000 after federal tax credits, according to EnergySage. This means that a typical U.S. home could save over $100 per month on their energy bill by going solar.
How much does the cost to install residential solar panels?
The average cost to install a residential solar panel is $3.50 per watt. The average system size is 5 kilowatts (kW), so the average cost of a 5kW system is $17,500 before incentives.
Solar panel costs have fallen significantly in recent years and continue to do so as technology improves and mass production increases.
The cost of a solar panel installation will vary depending on the size of your home, the amount of sun exposure it gets, the type and efficiency of the panels you choose, and the complexity of the installation. Incentives like the federal solar tax credit can also significantly reduce the cost of going solar.
How much power will a residential solar panel system produce in one year?
A typical residential solar panel system will produce around 1,000 to 1,500 kilowatts of power in one year. This can vary depending on the size of the system and the location.
Benefits of installing residential solar panels
If you’re considering installing solar panels on your home, there are several benefits to doing so. Perhaps the most obvious benefit is that solar panels can help you save money on your energy bills. Solar panels can also help reduce your carbon footprint and increase the value of your home.
Solar panels can provide significant savings on your energy bills. In fact, the average homeowner who installs solar panels saves about $84 per month on their energy bill, according to EnergySage.
Solar panel systems typically have a payback period of 4-7 years, meaning that after that time period, you will have saved more money than you spent on the initial installation. Solar panels can also help reduce your carbon footprint. Solar power is a clean and renewable source of energy, which means that it doesn’t produce any harmful emissions or pollution.
The average 5-kilowatt solar panel system offsets the emissions of about 4,000 pounds of carbon dioxide per year, according to the U.S. Environmental Protection Agency.
Finally, solar panels can increase the value of your home. A study by the Lawrence Berkeley National Laboratory found that homes with solar panels sell for an average of 4.1% more than comparable homes without
The effect residential solar panels have on your electricity bill
If you’re considering installing solar panels for your home, one of the first questions you probably have is: how will it affect my electricity bill? The answer, in short, is that it depends.
If you live in an area with high electricity rates, installing solar panels can save you a significant amount of money on your monthly bill. In fact, in some cases, your bill may be reduced to zero! However, if you live in an area with lower electricity rates, the effect of solar panels on your bill may not be as dramatic.
No matter where you live, though, the bottom line is that installing solar panels will save you money on your electricity bill. And, over time, as electric rates continue to rise, the savings will only grow. So if you’re looking for a way to reduce your monthly expenses and shrink your carbon footprint, solar is definitely worth considering.
Conclusion
If you’re considering solar panels for your home, it’s important to factor in the cost of installation. While the upfront cost may be higher than some other energy options, solar panels can save you money in the long run and help reduce your carbon footprint. With government incentives and a variety of financing options available, solar panel installation is more affordable than ever. Get in touch with a qualified installer today to get started on your residential solar panel project.
