Sep 25 What Are Solar Panels Worth?
The worth of your solar panels is dependent on many different aspects. For example, the size of your system is a huge part of the worth of your system because this determines how much energy is being produced. Along with this, the different types of panels that you may have on your system is also important because different panel perform better. All of these aspects should be considered when determining the worth of your system. However, how much you spend on your system is also important. Using the average cost of solar panel systems in the United States, we created a chart displaying the different sizes and costs.
Cost of Solar:
Lowering the Cost:
In order to help with the costs of your system, there are multiple incentives to help you along the way. One of the best incentives currently in place is the tax credit. The tax credit can earn you 26% of the installation cost back during tax time. At Vision Solar, we will make sure you know all of the steps to earn this tax credit when you go to file your taxes. Not only this, but your panels can generate excess energy that you may not use. With this excess energy you can sell it back to the grid in order to cover your monthly bill. This is known as net metering. Click here to learn more about net metering.
Selling Your Home With Solar Power:
Depending on the size of your system, the value of your home can go up a significant amount with your installation. The average home can go up in value by 4.1%, which on average converts to about $10,000. However, for a larger solar panel system, a 5kW installation, the value of your home can go up in value up to $29,000.
Savings With Solar:
The cost of your solar panels may look like a lot. However, your savings over time can truly make a huge difference in your everyday lives. Your monthly electric bill can decrease by up to 20% every month. On top of this, over your 20 year lease, you can save up to $20,000. Not only this, but with federal tax credits, you can earn up to 26% of your installation costs. However, as with all good things, this tax credit may not be around for much longer. As more people install solar, the federal solar tax credit decreases each year. At Vision Solar, we recommend switching to solar as soon as you can to take advantage of these savings. Contact us today.