Installing solar panels on your home may seem like an overwhelming amount of money to spend and may seem out of reach. However, it may be one of the best investments—both for your home and for your energy bills. There is a federal tax credit available to people who install solar panels, and many states offer other incentives to utilize solar energy. It is also worth noting that the money you save on your energy bills will eventually pay for the solar panels over the course of several years.
On average, a home in the U.S. consumes electricity at approximately the rate of 1Kw/h and it is recommended that for each kilowatt produced, you have 100 square feet of paneling installed on your home. You’ll need more panels if you live in a larger home or a home that doesn’t get a lot of sunlight during the year. A large house requires more solar panels to generate enough energy to power your home. Similarly, installing more solar panels will help ensure that as much sunlight as possible is converted into energy for your home.
Net Metering for Solar
Find out if your electricity company allows for net metering. This way of measuring your electricity usage means that your bill can zero out if your home’s solar panels produce more power than your home consumes. Depending on where you live and the season, it’s probable that you will be a net producer—meaning you produce more energy than you use—during parts of the year; and a net consumer—meaning you consume more energy than you produce—during the rest of the year.
Using our solar panel cost calculator is a great way to start researching whether or not solar panels are right for you and your home. It will provide you with estimates to help you decide between purchasing or leasing solar panels, and the explain the benefits of both.
This chart shows you an average cost of installing 5Kw of solar panels. Remember, this is before any local refunds or tax incentives and also does not include the federal tax credit.
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