Cost vs Savings of Installing Solar
An Inflation Proof Investment
Many homeowners want to know how much it costs to install solar panels, and may not be thinking about how the long-term savings may greatly outweigh the upfront solar panel installation costs.
In this blog, we’ll compare the cost of installing solar with potential solar panel savings and benefits to help you decide whether solar is worth it for your home.
Solar Panel Costs: What Can You Expect to Pay?
The cost of a home solar system can vary greatly depending on a number of factors, like how much electricity you use, what solar products you want to install, and whether you include battery storage. Other factors, like the style and slope of your roof, can also impact costs.
It’s frustrating not to be able to get a straight answer when you’re trying to figure out how much solar panels cost to install. But, with so many variables at play, it’s almost impossible for a solar installer to provide an estimate without talking to you about your needs and analyzing your roof.
That said, the average cost for a residential solar system is currently about $2.50 to $5 per watt, depending on the size. That means a 10 kW solar panel system will run you about $26,000 before the tax credit and about $18,000, after factoring in the 30% federal solar tax credit. For a more accurate quote, contact Solar Energy Solutions. We are happy to provide you with a free solar estimate that takes all your factors into account.
Solar Panel Savings: How Much Will You Save?
There’s no denying the fact that solar panels are an investment. But they save you money in the long run. Exactly how much you will save with solar panels, is, however, another “it depends” answer.
There are many factors that impact solar panel savings, including how much electricity you use, how much your utility charges per kWh, and how much energy your solar system produces. The more electricity you use and the higher your rates are, the more you will save with solar. As electric rates increase, your savings increase and your payback is quicker.
Your solar savings will accumulate over time and will be highest once you break even on your installation costs. It’s best to think about solar panels as an investment that you will see returns on over time, rather than a simple product purchase.
Solar Costs Are Worth the Benefits
If you live in an area with high electricity rates, use a lot of electricity, and get a decent amount of sunlight, solar panels are worth it. With so much uncertainty in the current economic climate, they are a sound investment that will stablize your energy costs and protect you against rising rates.
When you install a solar panel system, you’ll benefit from:
- Lower energy costs – Solar panels reduce your electric bills and save you money for decades.
- Inflation-proof energy – Installing solar panels will lock in your electricity costs and help you avoid rising rates.
- Incentives – Solar panels and batteries qualify for the 30% investment tax credit to reduce upfront costs.
- Blackout protection – When paired why solar battery storage like the Tesla Powerwall, solar panels provide backup power and blackout protection.
- Increased home value – Studies show that solar panels increase home value.
- Smaller carbon footprint – Solar energy is 100% renewable and will reduce your carbon footprint.
- Energy independence – Producing your own power with solar panels reduces your reliance on the electric grid and brings you one step closer to energy independence.
Solar Energy Solutions: The Midwest’s Trusted Solar Expert
Solar Energy Solutions has been installing residential and commercial solar energy systems across the Midwest since 2006. We know how much Midwesterners stand to benefit from solar and are here to help you make the switch to clean, affordable, and independent power. Our solar experts can help you compare the cost vs savings of installing solar at your home or business and help you decide whether a solar installation makes sense for you. Call us today to start your solar journey and take control of your electricity costs!