Are you planning to invest in the best solar panels?
The growth of the solar industry made solar panel prices cheaper. Even so, it’s a substantial investment. If you aren’t careful, you might end up spending more than your budget limits.
It’s why you must know the average cost of solar panels. In this guide, you’ll learn some factors affecting the solar power system’s price. Read on before buying solar panels for your home.
Contents
On average, solar panel systems run between $15,000 and $25,000. It includes the installation costs associated with it. It also assumes the federal investment tax credit (ITC) applies.
The average residential solar panel system is 5 kW (5,000 watts). If the price is $4 per watt, the system will cost around $20,000. Applying the 26% tax credit, your final cost is $14,800.
Using these figures, the average payback period for your solar panel system is between six and nine years. It depends on the system’s cost and energy bill savings.
Now you know the average cost, it’s time to learn about factors affecting their specific price. Here are some.
The cost of the installation depends on the amount of electricity you need. If your household needs lots of power, you need a larger system. It means buying more equipment and labor to install it.
Larger systems cost more upfront but they save more in the long run. If you cover your monthly bill, you’ll save significant amounts. The best part is you can sell your excess electricity as credit with net metering.
If you want more information, visit www.blueravensolar.com/indiana/. Blue Raven Solar is a reputable company and can answer further inquiries.
It’s better to understand your specific state’s solar panel system cost. Your location determines the size of your system. In most cases, states with higher air conditioning needs must use a larger system.
Sunny and warm states like Florida are great examples. They charge less per kilowatt-hour if you have a larger system. However, you might spend more because of the number of panels necessary.
The brand of the panel will play a part in determining its cost. The price difference often reflects the quality of the panels. It’s not always the case, but it’s a huge part.
The good news is most manufacturers have similar price ranges. Pay more attention to the installer’s experience and inverter brand. These matter more when computing the final price.
These are some factors affecting the average cost of solar panels. Never let shady businesses fool you with higher costs. Use these to ensure your solar power system is within your price range.
However, knowing the right price is only the start. You must also learn how to find the best solar companies around. It ensures you get the proper types of solar panels for your home.
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