The average cost of American electricity bills is around $1,400 a year. This cost of electricity can add up under the radar without notice.
Solar installation is a simple and effective method of decreasing these energy bills. Depending on various factors, you can lower your solar panels cost. This short guide will give you the ins and outs of harvesting energy in your home at a great rate.
The Solar Industry
Recent studies on solar savings average the cost of solar energy to around $10,000 to $30,000. Yet, the savings are dependant upon the location of the installation. This is a far cheaper cost than before when paneling could reach $50,000.
The rules and regulations of electricity companies can alter the cost. If you use a higher amount of electricity, it may prove beneficial to switch to solar paneling.
Thanks to the Solar Investment Tax Credit, homeowners can reduce 30% of their solar tax costs. You can itemize these federal deductions and benefit from local tax discounts.
Homeowners can take advantage of this 26% federal tax credit. This can allow users to receive over a fourth of what they invest in solar paneling. Many state and local programs can provide you discounts on the cost.
Solar Panel Company
Various incentives and programs can help reduce the cost. But, the average user can boil their usage down to 10-13 cents per kilowatt-hour.
The monthly average for this use would add up to 700-730 kilowatt-hours. That means the average monthly cost can drop to $73 a month.
But, this cost can change depending on the square foot of your home. Also, different utilities like air conditioning and heating can alter this cost as well. But, the characteristics of your roof can affect the overall pricing.
The Best Solar Panels
One option for many homeowners is leasing solar paneling equipment. Solar paneling companies can install the best solar panels for a small monthly payment.
The term of the solar loan can be anywhere from 5 and 25 years. Despite the low monthly amount, you can still claim all tax incentives. Check out Blue Raven Solar for more information on Florida-based solar listings at https://blueravensolar.com/florida/
Leasing the solar systems is recommended if ownership is not an option. Though the companies will take advantage of the federal tax credits, you can still salvage a reasonable rate while maintaining low energy costs.
The best solar panels can range depending on the size and installation. A Sun-Power 4-kilowatt-hour system can start at $11,000 with installation costs. While an 8-kilowatt hour Tesla model on the higher end can start at $21,000.
The average total cost of installing a solar paneling system is around $16,000. The cost of solar paneling dropped 20% in the last five years, it’s a good time to invest.
The Final Word on What Solar Panels Cost
It’s important to shop around before selecting your solar paneling system. Homeowners are known to save 10% more on what solar panels cost when using smaller contractors to install these systems.
It’s a financial investment, so always seek professional consultation to help shape your financial strategy. Experts can help you reduce the cost of installation by $5,000 to 10,000 dollars.
Follow our blog for more information on solar paneling prices and installations.