It’s a chilly morning, you are getting ready for work and just before you finish ironing your clothes, the power goes off. Bummer!
Sporadically the electric power becomes unreliable. You can never be too sure about being productive at any hour of the day.
Power cuts will mess with your study/work schedule. If you didn’t charge your laptop or if you use a desktop computer without a UPS backup, you stand a chance of losing your work whenever there is a power breakdown.
Ever received a huge power bill that you felt duped by the service providers? Let’s be real here, electricity can be super expensive, especially in a place that uses many electrical appliances like tech gadgets and modern kitchen supplies.
It is for these and many other reasons, most people are shifting to installing solar panels in their homes and businesses too.
Although solar panels generate electricity at no cost, there are costs tied to the installation. If you are looking to learn about the average cost of solar panels, then this article is yours to go to.
Average Cost of Solar Panels
Studies show that, due to solar energy initiatives, the costs to install solar panels have dropped significantly in the past year.
After deducting solar tax, for an average-sized house, the average cost of a solar panel amounts to $11,144 to $14, 696.
The price per watt for solar panels can range from $2.50 to $3.50 and largely depends on the geographical area. Residential solar panels can cost anything between $9,255 – $28,000 in total installation costs.
Statistics reveal that more homeowners in the U.S. have considered switching to solar energy.
Factors that Influence the Cost of a Solar Panel
To get a better idea of how much a solar panel will cost, it is better to know some of the variables that go into the overall cost.
Here are some factors that influence the total cost of a solar panel:
Number of Solar Panels
The more panels you buy, the more it costs. You have a choice in how big of a solar power system you decide to install.
The larger the solar panel, the higher the percentage of power bill will be canceled out by solar power production.
Your solar installer will likely get a lower price per panel. If a panel costs you $250 then the solar installer will be $200.
Type of Solar Panels
The type and model of solar panel you decide to use will impact the overall cost.
Better panels produce more efficient energy and are long-lasting, thus saving maintenance costs. However, they might cost more upfront.
Thin-film solar panels cost less than crystalline ones but have lower solar efficiency, thus making them less durable.
So when you think about a solar panel that will serve you for many years, going for high-quality solar panels should be your best option.
Ease of Installation
If your roof faces the ideal solar absorbing direction, the installation will be faster and therefore cost-effective. Houses with irregular rooflines and challenging angles can make installation complicated, thus implicating the overall costs.
If you have an old roof that needs to be replaced before installing a solar system, then you will incur costs for a roof-mounted system.
Choice of Solar Installer
Just like installing any other type of equipment, be it a solar panel or a garage door opener e.t.c, poor installation can cost you tons of money, leaving you at a loss.
You will need to have an installer who is great at what he is doing but also charge you an affordable price, unlike the big companies.
If you opt to get the job done by a company that installs the solar systems, you will have to consider their service history in terms of quality and the warranty offered. Nobody would say no to solar equipment that has a warranty of up to 20 years.
The federal renewable energy tax credit for solar power can offset up to 30% of the total cost of your home solar system.
Incentives like sales tax exemptions and tax credits are meant to bring down the cost of solar power installation.
It is advisable to always consult a solar installer to make sure you are making an informed decision while at the same time getting the best value for your money.
Pros and Cons of Solar Power
To make an informed decision, you will need to be able to distinguish between the factual pros and cons of solar energy and debunk the solar myths that are communicated on media.
Read the following pros and cons of solar power to make an informed decision.
Pros of Solar Power
There are many benefits of solar energy, here are the key ones to keep in mind.
Solar can Reduce your Electricity Bills
When you install your own solar panel, you generate your own electricity, thus lowering the electricity bill.
Going solar will cut your electricity expenditure for decades, as a solar panel system will last up to 30 years.
Solar Improves the Value of your Home
Studies reveal that property value increased when homes install a solar panel system.
For those planning to move out in the near future, you will still earn back your solar panel investment and some when you sell your home.
Reduced Carbon Emissions
Solar is a clean, renewable source of energy that reduces carbon emissions, hence protecting the natural environment from harm caused by these emissions.
Even compared to nuclear energy, solar comes out on top in terms of being environmentally friendly.
Saves on Rising Energy Costs
As the price of solar decreases by more than 70%, the price of electricity has increased by 5%.
Since there is nothing homeowners can do to control the rising electricity rates, with solar power, you get to take control of the energy generation.
Solar can Pay you Money
Solar renewable energy credits and net metering allow you to earn bill credits and extra money when your solar system produces electricity.
You are being compensated for the amount of electricity these solar panels generate.
Cons of Solar Power
There are some disadvantages to keep in mind when considering solar panels. Read on to find out!
Solar Panels don’t work for every Type of Roof
Roofing materials like slate or cedar tiles make it difficult to install solar panels.
Additionally, some homes have rooftop additions that may make the solar installation difficult and even costly.
Solar isn’t an Ideal Option if you’re Moving
For a homeowner with plans of moving out, you may feel like installing a solar system is an unworthy process. But since homes with solar power have a greater value, then you can still sell your house and get good returns.
Solar Costs can be Intimidating
Not everyone has the cash at hand to make this huge investment. Therefore, there are a number of solar financing options to help you get around this solar con.
Difficulty in Finding Local Installers
There are companies that deploy aggressive sale tactics to get their fair share of the rising solar market. As a result, many homeowners experience stress when shopping for solar and getting a professional installer.
Solar panels can greatly offset your electricity bill and the higher your bill the higher you will benefit from switching to solar.
If you are worried about purchasing solar panels, do note that you can lease them too. This will give you a lower upfront cost but since you don’t own them you may not be eligible for incentives, and they will not add value to your property.