So you’re considering a solar panel installation for your home. There’s no question that solar energy is great for the environment, and you may have even heard that solar panels are much more affordable than they used to be.
There was once a time where it wasn’t possible to save money by going solar, but now most homeowners who go solar either significantly reduce their traditional energy use or eliminate it altogether – providing substantial savings.
Even when you factor in the cost of the solar panels and installation itself, a typical loan payment is going to be less than your electric bill, providing you with savings in month one.
But how much do the panels and installation actually cost?
As in, “how much debt am I going to have to go into in order to pay for this?” Well, that’s a simple question with a complex answer. The short answer is: it depends on a few factors.
It depends on how much energy you currently use. In January 2019, the average national solar panel cost is $3.14/watt. The average solar panel system size in the U.S is approximately 6 kilowatts (kW), therefore an average solar panel system would cost $6,378 after tax credits. Naturally, every install is going to vary, but this is a good starting point.
For many people, it’s the thought of having to take out a loan of that size that keeps them from moving forward. Consider this, though: you’re always going to have an electricity bill (unless you install solar panels, of course). So, if you’re always going to spend that money – and possibly more – over a lifetime of electric supply from your utility company, it’s at this point that it really begins to make sense to invest in solar energy.
How do I know I’m getting the right solar system?
Here at Solar by CIR, we take pride in providing the “Right-Size Solar Install”. What this means is we want to sell you only the amount of panels that you need, never more or less. A great example of this is when we helped one family first reduce their energy consumption in order to reduce the amount of solar panels needed to eliminate their electric bill.
Additionally, our solar Installation specialists are experts in the different tax incentives and loan types available and will spend the time to ensure that you’re getting the best possible deal.
Many people are surprised to learn that it’s possible – even likely – that they’ll start saving money month one. Thanks to the fact that your loan payment can be less expensive than your current electric bill, you’ll actually be saving money from the get-go while you pay off the solar system. Once it’s paid off, you’ll begin enjoying the return on your investment.