When was the last time you thought about the climate emergency? If it’s been on your mind recently, then you’ll know solar energy is a hot topic.
It’s been proven to be an environmentally sustainable source of power, and it can sometimes even save you money on your utility bills.
But how much does it cost to install? Can you save any money by installing solar panels and switching to renewable energy? Here’s everything you need to know.
Solar Panels Aren’t Cheap
Solar panels cost several thousands of dollars. The price depends on how large your house is and what kind of solar panel you choose to install.
If you’re thinking about using solar energy in the future, be sure to shop around to find a good deal on solar panels. Make sure you have an idea of what type of installation method is right for your needs.
There are three main types:
- Grid-tied (also called grid-connected)
- Net metered/off-grid tethered
- Hybrid systems
Each method has its costs associated with it. Finding out which one will work best for you will help narrow down which type of system would be most beneficial in terms of solar costs vs. return on investment (ROI).
Maintenance and Repairs Will Cost You
Your solar panels will last for a while, but they aren’t immortal. Eventually, they’ll need some maintenance work. First and foremost, you’ll have to clean them periodically.
Dust and debris can build up on the panels over time and reduce their efficiency, so it’s important to keep them free of any dirt or grime that might build upon them.
Second, if your solar panels are damaged by something like hail or falling branches during a storm (or any other natural disaster), then you’ll have to pay for repairs—and depending on how bad the damage is, these can be quite costly!
Finally, as with most things in life: don’t wait until something breaks before getting it fixed; plan by budgeting for repairs before they happen.
In Some Cases, You Can Lower the Installation Cost
In many cases, you can lower the installation cost. For example, you can install solar panels yourself (or hire someone to do it for you) and save thousands of dollars on installation alone.
You can also get a rebate from your utility company for installing solar panels—and there are even more rebates available if you live in certain states or regions. Some people even get loans from their utility companies to pay for their installations!
And there are government programs – such as the Climate Bill – that provide grants to offset the cost of an installation and other sweeteners.
A Solar Loan May Save You Money in the Long Run
You can take advantage of all the benefits of solar energy without putting down a single dime by getting a solar loan. If you have bad credit or no credit, you may be able to get approved for a solar loan with no money down.
A solar loan is like any other type of home improvement or personal finance loan. It will allow you to make monthly payments that are typically lower than what you would pay in electricity bills if your home has conventional power.
Calculating the exact amount depends on several factors, including how much sun shines where you live and how efficient your panels are at converting sunlight into electricity for your home’s consumption.
To compare these two costs—a new system versus paying off an existing one over time—it’s helpful to understand how lenders determine whether they want to give someone money for their house improvements. First, they figure out what amount they’re charging per month.
Then they compare this with how much longer than expected it will take for them to recoup whatever investment went into making those improvements (e.g., installing solar panels).
Other Costs Depend on Your Circumstances
Remember, the cost of solar energy panels depends on the size of your home and how much sunlight your area receives. If you live in an apartment building or a house with a south-facing roof that doesn’t get much sunlight, the price will be higher than if you had a house with large windows and a flat roof that gets plenty of sun all day long.
The following factors can also affect the cost of installing solar panels. First is the type of system you choose (rooftop or ground). You should also factor in whether it is cloudy on average where you live.
Do your research by talking to other people in your local area about their experiences with solar panels. Ask a variety of people from all walks of life, not just your closest neighbors, to form a balanced opinion.
Solar Energy Isn’t Cheap, but It’s a Good Investment for the Future
Solar power systems cost a lot of money upfront, but they can save you money on your electric bill each month in the long run. If you live in a state where utilities charge higher rates during peak times, your savings will be even greater.
And when you consider that solar panels produce no pollution or waste products like nuclear or fossil fuel plants do, they’re also doing their part for the environment as well.
We hope this article has helped you understand the costs of solar energy. For more be sure to check out the rest of our site.