The cost of solar panels has dropped dramatically over the last decade. There are many incentives available to make the overall price of a residential solar system cheaper. Some of these incentives include a federal tax credit. This allows homeowners to take a 30 percent deduction on their cost of solar panels.
What is better than solar panels?
These incentives can reduce the total price of a residential solar system by up to $15,000 or more. Solar panel prices also vary by state and local policies.
What is the True Solar Cost Breakdown? While the cost of a solar system can vary, it is a safe bet that it will pay for itself over time. In fact, many homeowners who invest in a solar panel system will break even in less than eight years.
The total cost of a residential solar panel system depends on the size of the system, the location of the home, and the amount of energy the homeowner uses. The type of solar panel used also has an impact on the cost.
A 10 kW solar system installed in the United States costs about $28,600. That’s a little more than half the average home electric bill.
Buying a solar panel in bulk can lower the per-unit price. Additionally, leasing can offer a lower upfront cost. Leasing may not be eligible for many incentives, however.
Before installing a solar panel, the homeowner should figure out how much wattage they need to generate. This information will be used to determine the size of the system.
