7 Expert Tips for Confidently Determining the Cost of Solar Panels
If you've ever felt overwhelmed trying to calculate the cost of a solar panel installation, you're not alone. Many people find themselves struggling with this exact challenge.
After reading this article, you will have everything you need to calculate the cost of your installation.
The following are seven tips to eliminate any confusion you may have.
Tip number one will save you thousands… Let’s jump right in!
Unlock Massive Savings: How to Save Thousands with the Federal Tax Credit.
Okay, so you have done a bit of research on solar panels and the benefits they can bring. There is only one problem that remains: the price!
Don’t worry; The US government has your back. The investment tax credit, or ITC, is a 30% Federal Tax Credit for solar investments.
If you purchased a solar installation for $15,000, your tax credit would be $4,500!
Discover More Savings: Understand Local and State Incentives
A 30% federal tax credit is excellent, but local incentives exist. Depending on your area, you may be in luck.
Unsure how to look for local incentives? Finding more discounts can be as easy as a walk in the park. Use this convenient solar cost calculator.
I used the calculator myself, and here are a few key points I received ( without battery)
System cost range: $16,000 to $19,500
Residential clean energy tax credit: $5,029
Understand Two Crucial Variables: Energy Use and Peak Sun Hours
To help calculate the cost of a solar system, let’s figure out the average amount of energy you use per day and your peak sun hours.
Divide your total energy use for the year by 365 days. This number is your average daily energy use. To find your peak sun hours, use this chart.
If you used 12,227 kWh over a year, divide 12,227 kWh by 365 days. You will get an average daily use of about 34 kWh.
Determine Your Largest Cost: Number of Panels
You can calculate the required panels now that you know your energy use and peak sun hours.
Use this equation to find the number of panels needed:
Here is the math step-by-step, assuming you use 34 kWh per day, have 400kw panels, and have four peak sun hours:
Be Prepared to Spend More: Don’t Forget About Hidden Fees
Solar panel cost involves more than the price tag; consider additional expenses.
Here is a list of expenses to consider
Maintenance — $160 two to four times a year
Cleaning — About $25 per panel, once or twice a year
Panel Repair — A few hundred to around a thousand
If we add maintenance and cleaning fees, you can expect to pay around $650 annually.
Plan for the Worst: Consider Energy Storage
Solar panels will keep your power on during the day, but you won't have any power if there is a blackout at night.
Adding a battery to your installation will solve this problem, but they come at a price. Batteries can cost around $10,000 after purchase and installation.
Using the SolarReviews calculator, you can add a battery installation to the quote. It will give you a few options, so choose the best for you.
Installers Aren’t Cheap: Know the cost of installation
Don’t forget to add labor to your solar budget unless you intend to do the installation yourself.
Paying for installers will cost around 15% of your solar system.
If you spent $20,000 for a solar system, you could expect to pay around $3000 for installation.
Time to get started
Congratulations, you're now equipped with the knowledge to confidently determine the cost of your solar panel installation!
Imagine a future with clean, renewable energy powering your home while saving thousands on your investment.
Take the first step towards a brighter, greener future today.
Embrace the sun and calculate your solar panel costs now. You've got this!