There are many benefits to having solar panels installed on your home. But, solar panels can come with some maintenance costs. You should also consider the cost of maintenance before purchasing solar panels. This article will cover all of these benefits in detail. Find out the benefits of solar panel installation in your home by reading on. Continue reading to discover if solar panels might be right for you.
Installing solar panels is expensive
Depending on the size of your home and your energy use, solar panels may cost you more or less. The amount you save will depend largely on the size and condition your roof is in, as well as the electricity rate in your region. However, the savings you can expect will make the installation worth it. Here are some ways to estimate the cost for installing solar panels in your home. It is important to first estimate how much you spend each month on electricity.
To find out how much electricity you'll save, simply use the average cost in your region. The average solar array lifespan is 25 years. This means that you will see a return in two years. Utility cost inflation will need to be taken into account. The average electric bill rises by 2.2% annually, so it is important to include utility cost inflation in your total costs.
Tax credits
You can get a tax credit to install solar panels at your home from the government. The credit can reduce the cost of your system from forty to seventy per cent depending on how many panels are purchased. There are limits to this credit. The credit cannot be used if your tax liability is less than $800. If your tax liability is less than that, you should consider getting a loan to cover the cost of installing solar panels.
You can get tax credits for solar panels in two ways: the federal and the state. The federal credit covers 10% of the purchase price for your equipment. A credit of $300 can be claimed if you install solar panel systems in your home. You can claim the credit in your individual tax returns. Although there is not a specific documentation requirement, it is advisable to keep all receipts in case the IRS audits you. These credits can be used for both new and old systems.
Return on investment
Solar panels' payback time is calculated by taking into consideration the total cost of installation and maintenance, as well as annual benefits such avoiding electricity costs. Once you have calculated these benefits, you should divide the costs by the amount of electricity you had to pay before installing the solar panels. A typical solar system will pay for itself in approximately eight years. Click here to find out if you have enough sunlight in your area. Charleston, S.C. has a solar-electric system that costs around $13,000. There are incentives available for 30 to 65 percent. This means you can expect to get a return of $20 or more within eight years.
Apart from producing clean electricity, solar panels can also be used to generate electricity. This can make it possible for you to save money each month. These systems can be used even during the day, when you don't need electricity from the grid. This will allow your grid dependence to be reduced and may even enable you to live off the grid if incentives aren’t available. The payback period for solar panels and other home power technologies is not sufficient to realize their true value.
Maintenance costs
Most solar panel installations don't require any active maintenance. However, some homeowners prefer to buy a service package which includes cleaning, system checks and pest control. This service is not as common for residential installations as it is for commercial ones. It is only a few hundred bucks per year. Annual maintenance is a good idea to avoid additional costs. You may also need to inspect the panels every year.
A solar inspection typically costs $150 to $180 per year. This inspection will inspect for corrosion, wear and loose bolts. It also checks for cracked glass or panels. If any of these items are found, repairs will be required, costing anywhere from $650 to $384 per panel. There may be a need to relocate or trim trees. Bundled warranties are offered by some solar service companies. Depending on how much electricity you use each year, annual inspection and cleaning can total anywhere from $150 to $384 per solar panel.