20 Oct Thinking About Solar For Your Home? Read This.
Solar panels are an excellent option for homeowners, as they offer an opportunity to get away from fossil-fueled electricity that can have high costs. Additionally, sustainability has come into focus, with many people working toward lessening their carbon footprint, and solar panels provide a way to still power your home while reducing emissions.
What’s more, solar owners are often entitled to tax breaks and rebates after installation. Even though solar panels can be expensive to install, the return on investment can be substantial over the product’s life. It is worth noting that the price of solar installation in the U.S. has dropped by approximately 70% over the past ten years, giving even more people access to this alternative energy source.
It’s important to note that while solar panels offer an offset to your current electricity situation, expecting them to power, your home 100% is probably not realistic. Experts recommend that homeowners expect to factor in about a 25% cushion when calculating their target solar panel offset.
If you’re looking at calculating the cost of solar electricity, the easiest way is in dollars per watt ($/W). This will help determine how many dollars solar will cost per watt of available electricity production. Most residential solar panel systems have a consistent size of about 6 kilowatts, and because they’re small, rooftop solar panels can provide generous electricity bill savings.
To give some context, homeowners were paying an average of $2.91/W in 2019. For an average 6kW system, this works out to be approximately $17,460 before any tax credits and rebates in 2020. Look into leasing or financing solar panels too! This can help offset the cost tremendously, while still allowing for all of the benefits.
Solar panel installation usually only takes a few days. You’ll probably find that the decision about solar panels will take much longer! Many homeowners spend a considerable amount of time calculating their solar panel payback period, meaning, when will the system pay for itself. On average, most homeowners break even after about eight years.
Have you looked into adding solar panels to your home? We hope you’ve found this article helpful! If you’re interested in building a custom home in the Marion, Cedar Rapids, or Iowa City area, please contact us at Dahl Custom Homes! We are experts at custom home construction and would love to discuss your project in more detail.