It can be costly to install solar panels on your home. Fortunately, the costs are decreasing and the return on investment is increasing as PV technology improves. Federal rebates are available for solar power, making PV panels a great investment. Solar panels cost approximately $19,000 to install on a 1500-square feet house. For more information, see the various types and prices of solar panels.
Solar panels are priced
To calculate the cost of solar panels, first determine how much energy your home uses. For an average 1500 square foot house to consume 6 kW, it will require at least 15 to 18 solar panels to generate the same amount. The cost to generate one watt of electricity from a solar panel system is determined by how large your home is. Typically, the price of solar panels costs between $2.5 and $3 per Kilowatt. To generate the same amount, you'll need more solar panels if you live in an area that receives less sunlight than average.
Different types of solar panels
The average American home measures 1500 square feet. The average electric bill per month is about $100. An average household will need between 15 to 18 solar panels to offset this expense. A typical refrigerator consumes around 250 watts of electricity and operates for four hours each day. For a 1500 sq. foot house, you will need to consider the energy use of a typical family. The average wattage of a solar panel is 37 watts, and the number of panels required will depend on the amount of energy use and the location of the house.
Cost per watt
While electricity prices are on the rise, solar panel systems have seen a dramatic drop in price. The cost of installing solar panels is affordable thanks to recent technological advances and the incentives provided by state and federal energy departments. Installing solar panels will reduce your monthly expenses and bring you a return on your investment within a few years. For a 1500-square-foot house, the cost per watt of solar panel can be between $7200 and $20160 depending on its size and the size the panels.
Solar panels can be installed on your roof
Depending on how big your home is, solar panels can cost anywhere from $7500 to $21,000 for a 1500-square-foot roof. The number of panels and their size will also impact the price. Solar panel installation in an area with limited sunlight will require more panels than one installed in a sunny place. There may be a need for more panels if you live in an area with trees or buildings that block the sun from your solar panels.
Tax incentives
You can save money by using solar energy to power your home. Federal incentives are available for solar installation. If you are eligible, you can receive a dollar-for–dollar tax credit and a 25% federal credit. A $500 tax credit is possible each year. Depending on the size and type of your solar array you may even be eligible for a property exemption.
Lease solar panels
Leasing solar panels is an option if you are considering installing solar panel on your home but don't want a large upfront cost. The panels are affordable and can help you save between $50-100 per month on your electricity bill. The panels can also be leased, which means that you don't have to pay a down payment. It will also help you save money on maintenance fees and installation, which you'll be responsible for paying to the leasing company. Additionally, you will have to pay for the transfer of your lease if it is time to move.