It can be costly to install solar panels on your home. As PV technology advances, costs are dropping and returns on investment are increasing. Solar panels are an attractive investment because of the federal rebates available. A 1500-square-foot house with solar panels will cost you approximately $19,000. You can check out the various kinds of solar panels to get started.
Prices of solar panels
First, calculate the total energy use of your home to figure out how much solar panel cost. An average 1500-square feet house uses approximately 6 kW. This means that you will need between 15 and 18 panels to produce the exact same amount. A solar panel system generates watts of electricity at a cost that is usually between $2.5 to $3 per kilowatt. This price will depend on the size of your house. Keep in mind, however, that you will need more panels to produce the same amount of electricity if your area receives less sunlight than the average.
Different types of solar panels
In the United States, the average house is about 1500 square feet. An average monthly electric bill costs around $100. An average household will use between 15 and 18 panels of solar to offset this cost. A typical refrigerator runs on approximately 250 watts each day and consumes about 4 hours of electricity. You can see how much energy is used by a typical family to calculate the number of panels required for a 1500 ft house. The average wattage of solar panels is 37 watts. The number and size of the required panels will depend on energy consumption and the location.
Cost per watt
While electricity costs are rising, solar panel prices have fallen. Installing a solar system can be affordable with recent advances in technology and incentives from federal and state 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.
Installing solar panels on the roof
Depending on the size of your house, the cost of installing solar panels on the roof of a 1500-square-foot home can range from $7500 to $21,000, and the number of panels will also affect the price. Solar panel installation in an area with limited sunlight will require more panels than one installed in a sunny place. You may also have to purchase more panels than you need if there are trees or buildings in the area that prevent your solar panels from getting full sunlight.
Tax incentives
It is possible to save money and reduce carbon emissions by using solar energy to power the home. There are many incentives offered by the federal government for solar installations. If you're eligible, you could get a dollar for dollar tax credit, a 25 percent federal tax credit, or a sales tax exclusion. Each year, you can earn a $500 tax credit. Depending on your solar system size, you might even qualify for an exemption from the property tax
Leasing solar panels
Leasing solar panels can be an option for those who want to install solar panels in their homes but don't wish to commit to a large initial investment. These panels are extremely affordable and can reduce your monthly power bill by between $50 and $100. Leasing panels is an option to buying them. There's usually a small down payment. The leasing company will charge you maintenance and installation fees. This allows you to save money. Additionally, you will have to pay for the transfer of your lease if it is time to move.