For many households, installing solar energy systems seems like a no-brainer due to the escalating price of electricity from conventional sources. However, a few crucial elements will determine the real cost of solar panels and if they’ll enable you to save money since electricity rates are also heavily influenced by location. According to the most recent data, the cost of installing solar panels and the system as a whole can range from $15,000 to $25,000.
Learn how your location, electric bill, and incentives may affect your wallet over time before you take the plunge. To find out if you’ll save more money than you do on solar panels, continue reading.
Look at your utility bill
Solar panels can significantly reduce, if not completely eliminate, your monthly electricity bill because they produce their own power. The likelihood that you’ll save money by switching increases with your monthly payment. The main charges on your statement, however—electricity rates and usage—are subject to change.
Analyse how much sun you’re getting
More sun equals more energy generated and more possibilities for solar savings. In other areas, the daily average for sunlight hours is higher. The output of a solar system is also influenced by the roof style, quantity of shade, and your home’s position toward the sun.
Calculate and compare the price of household solar panels
With solar panels, installation and panel acquisition represent the bulk of the cost. The initial costs can be offset by low long-term costs. The majority of systems don’t need much upkeep and are made to run for 20 years or longer without significantly changing how much electricity is produced.
Consider how much energy you typically use—your usage is shown on your monthly utility bill—and what size system would provide the required quantity when figuring up the entire cost. A typical household 5kW size system is between $3 and $5 per watt including installation, resulting in a price range of $15,000 to $25,000 which is the usual solar panels Canberra cost. You can estimate the cost of solar panels if you know how much electricity you now use.
Then evaluate solar panels similarly to how you would other expensive purchases, like a vehicle or TV. Some businesses use rebates and other initiatives to reduce installation expenses. It is advised to obtain estimates from three to five different contractors and to conduct preliminary research to identify reliable suppliers.
Find solar incentive programs
The government provides substantial financial incentives to homeowners that install solar panels as a secondary energy source. Added credit amounts vary by area. You might also be eligible for additional benefits like cash back, a property tax exception, waived charges, and advanced permits, depending on your state. Homeowners with solar panels may be able to sell extra energy to their regional utility companies in some areas. Browse the database of state incentives for efficiency and renewable energy to find credits that are offered in your state.
Installing solar panels on your home is worthwhile for the environment and your wallet if you reside in a location with high energy costs, a good solar rating, and can afford the initial outlay. If you’d rather spread the cost out, think about financing with a solar loan.
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