How Have Solar Panels Impact Home Costs

Solar panels generate their own power and can therefore greatly offset your monthly electricity bill if not eliminate it.

How have solar panels impact home costs. The higher your bill the more likely you ll benefit from switching. Buying a solar energy system will likely increase your home s value. A recent study found that solar panels are viewed as upgrades just like a renovated kitchen or a finished basement and home buyers across the country have been willing to pay a premium of about 15 000 for a home with an average sized solar array. Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8 years.

Cost of solar panels over time. Though the basic underlying technology is the same a variety of factors have contributed to a hundredfold decline in costs. In addition to solar panel efficiency increasing dramatically solar panel producers have significantly improved their manufacturing processes. A significant number of homes hitting the market each year now have solar or green building features mcgill said and a home may change hands two or three times during the lifetime of a solar array.

Solar panels can save you money on energy bills but they can be quite expensive to install. Many people who purchase solar panels do so with the help of a loan and others choose to lease their systems to save on the cost of installation. The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. Many energy companies offer substantial subsidies but the cost can still be quite high.

Some states local governments and utilities also offer rebates and other tax incentives that can further reduce the solar system costs in your quotes from solar installers. The solar industry today looks very different. Over a decade ago in 2009 the cost of a solar panel installation was 8 50 per watt. The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs.