If the price of electricity is keeping you from going solar, you aren’t alone.
It isn’t from an unwillingness to take on the cost; it is from an inability to foot the bill. The numbers behind the solar panels cost vs. the cost of your standard electricity bill are hard to argue with, but we understand that putting the money down for installation is a barrier.
How can you calculate the cost savings of going green and justify spending the money? Keep reading for a breakdown of how much do solar panels cost and all the factors involved in buying solar panels in your home.
How Much Do Solar Panels Cost at an Average
The average household spends about $1,400 a year on energy bills, according to the U.S. Department of Energy. Home solar panels can help you save money on your energy bills and protect the environment.
The cost of solar panels has dropped by more than 70 percent since 2010, making them a more affordable option for homeowners. The average cost of solar panels for a typical American home is about $19,000. A solar panel system can save you more than $600 a year on your energy bills.
Solar panels also have environmental benefits. They reduce air pollution and greenhouse gas emissions. Solar panels also require little maintenance and have a long lifespan.
Cost-Benefit Analysis of Solar Panels
A cost-benefit analysis of solar panels for your home estimates the cost of installing and maintaining the solar panel system against the money you save on your energy bill. Solar panel prices are between $15,000 and $30,000 to install, while the average monthly savings on your energy bill is $100.
To make the investment worthwhile, you would need to stay in your home for at least 15 years. To know more information on solar panels, read on this site.
The True Cost of Solar Energy
The true cost of solar energy is difficult to calculate, as it depends on many factors including the location of your home, the type and size of solar panels you install, and the amount of sunlight your area receives.
However, the average cost of home solar panels for a typical home is around $15,000. This upfront cost can be offset by government incentives and rebates, as well as the long-term savings on your electric bill, but it is still a significant investment.
Solar panels typically have a payback period of 5-10 years and will continue to produce renewable energy for 20-30 years after that. So, while the initial cost may be high, solar panels are a wise investment that will save you money over the long term.
Solar Panels Have Long-Term Benefits
Solar panels are a great way to save money on your energy bill and help the environment in the long run. The question of how much do solar panels cost, the initial cost of solar panels may seem high, but over time they will pay for themselves. There are many incentives and programs available to help offset the cost of solar panels.
Contact your local government or utility company to see what opportunities are available in your area.
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