Thinking about getting solar panels for your home? Wondering if you have enough money for a residential solar installation?
The cost to install solar panels has dropped by over 70% in the last decade, making it more affordable for homeowners than ever. However, it can still be costly so it’s important that you know what to expect if you’re considering getting a solar panel installation for your home.
In this guide, we’ll take a closer look at the current cost of residential solar panels.
What is the Cost of Residential Solar Panels?
According to the Solar Energy Industries Association (SEIA), the cost of an average-sized residential solar system is around $20,000. This is before any federal tax incentives have been applied.
Lower cost systems may end up only being as low as $5,000 while more expensive systems could be $35,000 or more.
It’s important to realize, however, that solar panel installations range in price by quite a lot. You’ll need to consider a lot of factors to find out how much your specific installation will be.
Factors to Consider When Installing Solar Power
Here are a few things you should consider when determining the cost of a solar panel installation.
Solar System Hardware
One of the main things that will affect solar installation costs is the specific hardware you get.
Monocrystalline panels are the most expensive option while thin-film panels are the least expensive. Polycrystalline solar panels are somewhere in the middle.
It’s also important to note that the mount types used and the size and shape of your roof will affect solar panel installation costs as well.
The solar installer you use, the cost of labor, and other installation costs will also be a big part of a solar system’s overall cost. You should be sure to evaluate different solar companies and compare quotes to find a solar installer.
If you want to learn more about getting a solar installation from a reliable solar company, you may want to check out Blueraven now.
Incentives and Tax Credits
One of the reasons that solar power is more affordable than it used to be is because you can now use the federal solar tax credit which offers a reduction against federal income taxes at as much as 26% of the cost.
Additionally, there are also local solar incentives that you can make use of as well. Using these can further reduce the cost of installing residential solar power.
If you want to install solar panels on your home, you may want to consider getting financing from a financial institution or a solar company. Many solar companies offer payment plans when getting a solar installation.
Solar panel loan interest rates vary. If you decide to finance your installation, it may increase the overall cost of your solar panel installation.
In addition to the initial costs to install solar panels, there are also maintenance costs as well.
Annual maintenance may include basic cleaning as well as occasional repairs. You can expect to pay between several hundred dollars or up to $1000 or more per year on maintenance.
If you want to install solar panels on your home, it’s important that you know what it will cost you. The cost of residential solar systems can vary, so be sure to get a few different quotes when hiring a solar company.
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- About the Author
Alex Grigoryan is a Professional Home Improvement and Lifestyle Writer. He has been in the industry for over 6 years and has been writing for Chique Home Living since 2019. His work has been featured in prestigious blogs such as Spruce Home, Better Homes & Garden, and more.