Residential solar panels have significantly grown in popularity for the past several years. In the United States, the number of homes powered by solar panels increases every year.
Solar panels might seem like a luxury to you. You might not think you’re ready to start thinking about big home improvement projects.
However, the true price of solar panels is much lower than you might think. Keep reading, and we’ll explain the cost and savings of installing solar panels.
The Price of Solar Panels
The price of installing solar panels has three main components: labor, hardware, and maintenance. The labor pricing includes professional installation and help to file the right paperwork with your local government.
The amount of hardware you have is up to you. You can choose as few or as many panels as you want, so your hardware price will vary depending on your decisions.
Solar panel maintenance is an unavoidable cost, but it shouldn’t come up too often. Solar panels are durable and last at least 15 years, but they sometimes need to be replaced if they are damaged by unpredictable weather.
The Benefits of Solar Panels
Solar panels are both financially and environmentally beneficial. A single solar-powered home can significantly reduce the carbon emissions of one city or town.
After multiple decades of being solar-powered, your home could prevent thousands of pounds of carbon from being emitted into the environment.
Plus, at that point, your solar panels should be completely paid for. You’ll be saving a lot of money on your monthly electricity bill (if you even have one).
Do Solar Panels Pay For Themselves?
You might still be wondering if solar panels are a worthwhile investment in the long run. Luckily, there are a lot of ways that you can financially benefit from your solar panels.
Solar Panel Savings
Solar panels can help you save as much on your electricity bill as you want. They can either offset a small amount of your power costs, or they can power your home completely.
Even while you are still paying off your solar panel installation, those monthly payments will probably be much less than a normal electricity bill.
Tax Exemptions for Solar Panels
Many states offer tax exemptions as an incentive for homeowners to try solar power. Your property tax could be significantly reduced, depending on where you live.
Some states offer sales tax exemptions as well.
Solar Energy Incentives
In a lot of states, you can even make money on your solar power. You may have the option of selling your excess power back to the government.
After your solar panels are paid off, by selling power to the government you can do more than save money. You can turn a profit!
Consider Going Solar Today
You now know that the true price of solar panels is lower than it seems. Consider whether or not solar panels might be the right choice for your home!
You could save both the environment and your wallet by making the switch. For more home improvement tips, check out the rest of our blog!