Terri Ramsey Beavers Nearly 50 percent of homeowners have said they have considered installing solar panels in their homes in recent years.
As the cost of fuel rises and environmental woes become more severe, more and more people are looking at ways to adapt to alternative energy and solar power.
On your research online and even with your friends and neighbors who have installed solar panels they always come back to one thing. You will save so much money down the line and in the future on your energy costs.
That’s all good and dandy, but you live in the now. What is the cost of solar installation going to mean for your monthly or yearly budget? How will it affect your finances now? Because after all, you have a mortgage and other bills that you also have to pay.
Here is the guide on everything you wanted to actually know about the true cost of installing solar panels upfront.
What Is the Cost of Solar Installation for My Home?
The cost to install solar panels for an average-sized home typically falls at about $20,000. As we said, it is not cheap and something that needs to be budgeted for. Most, if not all, solar power installation companies offer payments plans. This helps make the total cost a little more manageable for most folks.
However, some people do not want to cover their whole house with solar panels. If you only want a few solar panels to simply offset some of your energy costs rather than eliminate them, you can opt to install less. This reduces the price dramatically.
Are There Any Tax Credits on Installation?
Because the benefits of solar power are so valuable for the environment, there are many governments that provide a tax credit or rebate if you install solar panels on your home.
The federal tax credit changes, but in the past several years, it has varied from 22 to 30 percent. That means if the cost is $20,000 and you get a 25 percent tax credit from the federal government, you will get $5,000 knocked off the total cost.
And that is just the federal rate. Look to see if your state or county offers any rebates or tax credits to get even more knocked off the total cost.
You can estimate solar savings for where you live, especially if you live in the Houston, Texas area, to see what the true cost of installation will be for you.
Looking to Learn More About Solar Energy
So, as you will see, the cost of solar may seem steep at first, but you can quickly minimize that cost by looking for any tax rebates the federal, state, or local government may have where you live.
Solar energy is a major investment that can and will benefit your energy costs in years to come.
If you are interested in learning more about the benefits of solar power or get more insight into how you can get solar energy savings, be sure to follow along. We update articles frequently on all things solar, alternative energy, and how to save money while helping the environment.