How To Afford Solar Panels

That has changed with dramatic price drops over the last several years.

How to afford solar panels. Solar panels have a quick payback are free of running costs and will greatly reduce your homes energy bills. Millions of americans lack access to solar energy because they cannot afford the steep upfront costs. A study by zillow found solar panels on average add 4 1 to property s value. Some people think the only benefit from solar panels is direct financial saving from the fuel saved.

Thus the output for each solar panel in your array would. The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs. For a 500 000 home solar panels will add a cool 21 500 in value. Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8.

That sentiment might speak to the converted but for most people considering solar power the financial case is a major deciding factor. Simply put the more energy your solar panels produce the more solar energy your home will use as opposed to power from your town grid. Today s solar panels cost 10 percent less than they did last year a trend that has borne out since the 1980s according to oxford university researchers. For the sake of example if you are getting 5 hours of direct sunlight per day in a sunny state like california you can calculate your solar panel output this way.

One important reason is that when you buy a solar panel system whether through a solar loan or otherwise you instantly increase the value of your home. Also you can install solar panels on a garage roof or a ground mount but this can increase the cost of the solar project. The cost of solar power. The different types of panels there are a few different.

Mounting solar panels on a south facing roof is ideal but some homes have gables and other features that reduce the available roof space for panels. Now more than a dozen states are adopting community solar programs that are bringing solar power and lower energy bills to low income households from new york to california. The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. You can afford it.

How much energy does a solar panel produce. There was a time when solar panels were prohibitively expensive and only the wealthiest homeowners could afford them.