Solar panels can be a safe and viable option if you’re fed up with your high electricity bill and wondering about an alternative energy source. However, the big question might be, “Is the solar panel cost worth the investment?”
The answer is a resounding yes. Installing solar panels can be pretty expensive, depending on your energy and how much sun you get. However, the government continues to give tax incentives to increase solar power rates.
Let’s take a look at the cost of the average solar panel and the different factors that make up that price.
Solar Panel Costs vs. Traditional Power
A single solar panel can cost anywhere from $200 to $600. In contrast, the average American household spends about $1,000 per year on electricity or about $83 per month.
Therefore, installing solar panels in your home would take anywhere from two to six years to break even on your investment. Solar panel costs have been decreasing in recent years, making them more and more affordable for the average homeowner.
Shifting to solar energy is good for the environment and your bank account. Now that you know how much a solar panel costs, you can make that happen for you and your family. If you’re starting, check out our guides to help you through the process.
A Comprehensive Breakdown of Solar Panel Costs
The average cost of a solar panel is about $0.75 per watt, and the average solar panel produces about 200 watts of power. That means the average solar panel cost is about $150. However, many factors can affect the price of a solar panel, including the size, type of panel, panel efficiency, and the panel’s brand.
Solar panels are a great way to save money on your energy bill. They are a long-term investment that will pay themselves many times over.
How To Get the Most Out of Your Solar Panel Investment
The average cost of a solar panel system is $18,000. However, the most critical factor to consider when looking at the expense of a solar panel system is the return on investment (ROI).
The average ROI for a solar panel system is 10-12%. This means that for every $1 you invest in a solar panel system, you will save $0.10-$0.12 on your energy bill.
In most cases, a solar panel system is much higher than the ROI of other investments, such as stocks or bonds. This is one of the reasons why solar panels are such a popular investment—interested in having one? Get a quote now!
Solar Panels: Choose the Right One
The price of a solar panel should be taken into account if you’re thinking about using solar energy in your home. With the recent decrease in solar panel prices, this renewable energy source is now within reach of a wider audience of homeowners.
Several factors can impact a solar panel cost, including the size and type of panel, the manufacturer, and the installer. By researching and shopping around, you can find solar panels that fit your budget and energy needs.
That’s not it, though! Check out the latest news from our blog daily to learn how to save money, save the environment, and much more!
