This Is How Much Money Solar Panels Can Save You

December 11, 2023

How to Reduce Solar Panel Installation Costs: The installation of solar panels is a fantastic investment in your future and property. Despite this, many consumers are discouraged from adopting solar because of the upfront price and installation charges. Why, then, solar? There are a lot of long-term benefits to installing solar panels, after all.

Solar panels are not only excellent for the environment, but they can also significantly lower your utility and electricity costs. Solar energy systems can save homeowners an average of $1,100 annually, and even more for those who use a lot of energy.

You also prevent power disruptions when you have your own solar system. You won’t need the Department of Energy anymore since you’ll be consuming the energy your solar panels generate on their own.

There are a few ways to reduce the cost of a solar installation if you are interested in joining the rapidly expanding solar sector, but the solar panel installation costs have scared you away.

How much does installing solar panels cost?

Depending on the size of your home and where you reside, installing solar panels typically costs between $15,000 and $25,000. This is due to the fact that a typical household 5 kW system will cost between $3 and $5 per watt, including installation. The rate may be considerably lower because this is before any tax breaks and incentives. Continue reading to find out how to significantly reduce the cost of installing solar panels.

Payment Plans

Most solar companies provide solar loans. If the initial cost of installation is keeping you from installing, this method of financing is quite useful. Your panels will be able to pay for themselves in a matter of years if you are able to finance your system with offers like $0 down payment and an APR of 3%.

The Federal Solar Investment Tax Credit

The Federal Solar Investment Tax Credit, also referred to as the ITC, is an initiative for Americans. In 2020, you were able to deduct 26% of the cost of your solar system from your taxes thanks to this federal solar tax credit. This decreased to 22% in 2021, which is still a sizable reduction. It’s important to keep in mind that this incentive will decrease to 10%, therefore investing now is crucial!

The Residential Solar Tax Credit

Additionally, some states have their own solar tax incentives. You are able to deduct these tax credits from your state income tax. For instance, if your solar panel system costs up to $1,000, you may be eligible for a 25% tax credit. This will be deducted straight from your taxable personal income. You will also not be required to pay tax on any solar installation.

Choose a trustworthy solar company

You should choose a reputable company for your solar installers that performs excellent work. A complete 10-year workmanship and roof guarantee is provided by JNA Solar. When it comes to your solar installation, this is crucial. In the long term, it will also enable you to save money by preventing expensive maintenance brought on by poor installation.

Also Read: How to Find the Top Solar Companies Near Me

Is Solar Right For You?

Solar energy is a significant investment, but it may also change your life. Reviewing your electricity bill and cost per watt is the best method to decide if solar is a good option for you. You are a perfect candidate for solar if your monthly expenses exceed $200. The exposure to sunlight in your home can then be assessed.

There are more opportunities to produce energy when there is more sun. There is more sunlight each day in areas like Arizona and California. The capacity to optimize your solar potential is equivalent to this. You can also consider your roof’s style, the quantity of shade it provides, and the sun’s angle of approach.

The Next Steps

Do not wait if you dread receiving your energy bill each month. There is nothing to lose with incentives, tax cuts, and cheaper electricity. The benefits of solar are essentially limitless, not just for the environment but also for your wallet.

To find out if your home is a good candidate for solar and how you can take advantage of the various solar incentives now available, get in touch with us.

Make the Solar Energy Switch Today!

Go Solar & get smart energy

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