About 46% of homeowners are seriously considering installing solar panels. Only 6% of homeowners went through with the installation. What’s the biggest reason for that gap? Many people look at the cost to install solar panels and shudder.
They think that solar panels cost too much. The fact is that solar panel prices have dropped in recent years.
How much do solar panels cost? Keep reading to learn the average cost of a solar installation and how you can bring those costs down.
The Average Cost to Install Solar Panels
The average range of solar panels costs between $7,000 and $20,000. How much should you expect to spend on your solar panel installation?
Here are the factors that determine the costs. Your location determines the cost per watt and the efficiency of the solar panels. The climate might require additional considerations that add to the installation costs.
The size and type of home influence the cost. A 1500 square foot home will cost less than a 3000 square foot home. The roof type and pitch can make an installation simple or complicated.
A complicated install equals higher installation costs. If your roof is older, you’ll need to get an evaluation to ensure your roof is safe enough to withstand solar panels.
In some instances, you may have to replace the roof before you install solar panels. That’s another huge cost on top of solar panels.
Labor is another cost. These costs range from one solar installation company to the next. Make sure you get several quotes from solar companies before settling on an installer.
The size and quality of your solar panels are the final price consideration. You want to find a balance between quality and your budget.
Making Solar Affordable
It is possible to lower the cost of solar panels. There are plenty of tax incentives and grants to encourage people to install solar panels.
There’s an investment tax credit of up to 26% of the solar installation. This can turn into a nice tax refund when you file your taxes.
Be aware that this incentive drops to 22% in 2023 and goes away in 2024. In other words, this is the best time for installing solar panels.
State and local governments have solar programs, which you can use in addition to the federal tax credit.
Your local installer might offer financing and incentives to lower solar panel prices. Blue Raven Solar has a program where you pay nothing upfront and could qualify for 18 months of free solar.
Check with your installation company to find out what kind of programs they have available. Make sure that you understand the terms of the deal before you agree to it.
Solar Panels Are an Easy Choice
Solar panel prices are much more affordable than you think. After the incentives, installing solar panels is an easy choice.
Make sure that you know all of the incentives available from your state and municipality. Once you install solar panels, you’ll see a return on investment.
For more home and design ideas, check out the other articles on this site.