When you’re looking at the cost of solar panels and in particular the installation cost from solar companies, it’s only half of the equation. You need to know how much you will save on electricity over 20 years and whether or not you can afford to purchase and maintain a system.
There are a few factors to consider for the overall cost of purchasing and installing solar panels:
Solar Panel Installation Cost
Getting the panels installed correctly is most important and solar companies tend to install the panels correctly and accurately. Unfortunately, it is not uncommon for homeowners to install panels wrong, which decreases the output of their solar power system and increases efficiency. Many people are unaware of the damage they do when attempting to install the panels themselves, and they damage their panels and/or units, which can be costly as well as time-consuming to repair.
Newer solar panel technologies allow someone to put panels on the market that have a higher efficiency rating and are more cost-effective than older designs. It is important to have an experienced solar company install the panels or have a solar contractor who can help you understand the technology and get you the best product for your needs.
Solar Panel Cost
Different solar panel materials and designs will affect the price of the system greatly. The size of your home, type of roofing material, and expected amount of sun your area gets will also affect pricing. Solar companies will be able to give you an accurate price after analyzing these factors.
Solar Energy Tax Incentives
Since solar systems are relatively expensive, they are often eligible for tax incentives. Because of this, some people will be able to pay as little as $0 and make payments on their system over a period of 20 years until the system is paid or at least close to paid for. If you have the option to use tax incentives, it can substantially affect your payback time.
Solar Panel Maintenance Costs
When you purchase a solar system, you want to be sure you are getting panels that are warranted for at least 20 years. This ensures that your investment is protected if any of the components fail. There will also be maintenance costs associated with the upkeep of the system. Some homeowners hire a company to help with this, while others have someone on staff who can take care of the maintenance and adjustments.
As with any product, size can make a difference. Larger systems will have a higher initial cost and lower overall cost, while smaller systems can have a lower initial cost but higher overall cost. It is important to consider the size of your home, and if you have north-facing or south-facing acreage so that you can make an informed decision regarding system size.
The condition of your roof is also very important. A solar power system will require a system that can withstand the elements, and it is important to make sure that your roof will be able to support this large weight.
It is important to measure your roof before you make a decision regarding system size. Solar companies can help you with this as well, but it does require knowing the approximate number of panels that should be installed on your roof. If you cannot install a large number of panels due to the size of your roof, your system will be less efficient than it would otherwise be.
Local Solar Incentives
Because solar systems can cost so much, local and state governments may offer rebates to people who purchase solar panels and other solar technologies. It is important to ask your solar company to help you find these incentives in your area.
Solar Panel Maintenance
You should be able to predict how much maintenance you will have for the system, and what this will cost you. Solar companies can give you a good ballpark estimate about maintenance costs but always check first with an experienced person who can perform an accurate estimate for your home and its circumstances.
Solar Panel Costs to Own
All in all, the cost of a solar power system depends upon the system size, type of panelling, and if you can get rebates from your local and state governments or utility companies. Solar companies will be able to give you an accurate estimate but always check first with an experienced person who can perform an accurate estimate for your home and its circumstances.
Solar companies offer the cost to install solar panels in many ways for different people. When you choose a company to install your solar panels, it is important to do your research, and consider every aspect of the system that can make or break your savings.