Cost of Solar Panels
Now is the best time to start investing in a solar roof.
1. What Is The Solar Panel Cost And How Does The Price Keep Dropping?
The current solar panel cost across the industry is the lowest it has ever been! Any homeowner who is ready to invest in solar has chosen the right time to do so. Residential solar systems are currently averaging just $30,000 for a 9 kilowatt (kW) system. These record low prices make the answer to the question, “Are solar panels worth it?” a no-brainer.
This low cost for solar panel installation also includes any project management, roofing contractor, HOA approvals, permits, and inspections. The exact cost of a residential solar system in Austin, San Antonio, Houston, and Dallas will vary slightly due to the various solar incentives and local rebates that are available.
While the $30,000 price tag may sound expensive, that is not close to what you will be paying! When it comes to the true solar panels for home cost, one must consider the solar incentives and net metering buyback programs that are available.
The reason the solar panel price has decreased drastically over the years is the advancement in the technology and the participation of American homeowners. In fact, residential solar systems are installed every 100 seconds!
As more houses that move to solar, the cost for solar panel installation decreases. This is no longer the commodity it was; it’s the future of powering home across Austin and surrounding cities.
2. What Are The Factors That Go Into A Solar Roof System?
There are several factors that contribute to solar panel roof system cost. The first (and most obvious) are the solar panels themselves. A single solar panel will range anywhere from $2.67 to $3.43. The number of solar panels that are required on a residential solar system will depend on how much electricity is used and the size of the home.
Aside from the panels themselves, solar panel installation will be a large factor in the cost of a solar roof system. Since these systems are complex and delicate, it is extremely important to hire a good solar contractor that understands how to install the system correctly. This prevents nay unnecessary damage or repairs.
The next factor in a solar panel cost is the maintenance. Solar panels need to be cleaned at least twice annually to ensure maximum efficiency. During cleaning, it is possible that damage may be spotted. While solar systems are meant to withstand the elements, damage can occur during severe weather. Any damage needs to be repaired quickly to ensure the system is operating correctly and will not experience issues in the future.
3. What Are The Incentives Available To Make Going Solar More Affordable?
Several solar incentives are available for residential solar systems. These incentives truly benefit the homeowner. While some say it sounds good to be true, these incentives are designed to make solar panel installation affordable for homeowners who are ready to power their home with clean, renewable energy.
If someone asks, “Are solar panels worth it?”, the answer is yes! Federal and local incentives are available to offset the costs of installing solar panels. On the federal level, solar tax credits are available. This tax credit provides a dollar-to-dollar reduction in taxable income for up to 26% of the final cost of a residential solar system installation for systems installed by December 2022. Beginning in 2023, the tax credit will be reduced to 22% of the final cost. However, the tax credit will end beginning in 2024. Now is the best time to take advantage of federal solar incentives!
Local rebates in Texas are also available! For example, many local areas are offering flat rebates upon successful installation of a solar panel. Austin provides $2,500, San Antonio offers $2,500, and Dallas Fort Worth pays $5,000 as a flat rebate! Many electrical companies in the area participate in net metering and pay rates up to $0.097 for each kilowatt (kW) of energy a homeowner does not use.
4. What Are The Different Types Of Solar Panels Available?
Three types of solar panels are most common for residential solar systems. These include monocrystalline, polycrystalline, thin-film. The details of each type of solar panels for home have been detailed below:
Monocrystalline are some of the most efficient solar panels for residential structures. Their black color provide a sleek appearance to any home’s roof. These solar panels allow the electrons more room to move and generate electricity, which is why these solar panels are incredibly efficient. Most manufacturers will provide a 20 to 25 year guarantee.
Polycrystalline create the least amount of waste, but they are not as efficient as other options on the market. The fragmented silicon is the aspect that decreases their efficiency. However, they are the more affordable than monocrystalline solar panels. Many of these panels still come with a blue tint, which homeowners may or may not enjoy.
Thin-film is the most affordable solar panel on the market, but it is not made of silicon. These are the least efficient solar panels, however. Due to their lack of efficiency, a homeowner will need more solar panels if they want to meet their home’s electricity needs. This means a homeowner will have most of their roof covered in solar panels, which can increase cleaning and maintenance costs in the long run.
In addition to the types of solar panels, how they are mounted to a roof is also a selection homeowners will need to make. Fix mounted panels are the least expensive, but they secure solar panels in one stationary position. Adjustable mount panels can be tilted to capture the most amount of sunlight. These also allow the panels to lay completely flat during a storm. Finally, tracking mount panels are the most expensive, but also allow your solar panels to be the most efficient. These can add up to 45% efficiency to each solar panel.
5. What Are The Cost Savings And Return On Investment?
The cost savings the average homeowner can expect will depend entirely on the local area and the average electricity usage. The first cost savings factor are the local solar incentives. For example, Austin provides a $2,500 post-installation rebate for solar power residents. Additionally, eligible homeowners will receive $0.097 for every kilowatt-hour (kWh) their solar panels generate. Dallas, Fort Worth, San Antonio, and Houston each offer their own incentives, with rebates ranging from $1,500 to $5,000 and buy back rates from $0.097.
Additionally, roofing contractors and solar panel installers offer their own incentives. From $0 and 2.99% interest financing for a decade or longer, homeowners can get their residential solar systems for pennies on the dollar today! Some manufacturers are even offering their own incentives, which makes investing in solar one of the lowest cost, lowest risk investments a homeowner can take on in this lifetime!
When a homeowner invest in solar, they can virtually eliminate their electricity bills. Even those who cannot eliminate their bills pay a fraction of the cost, compared to their normal electricity bill. Additionally, homeowners who have unused energy can sell back the energy their solar panels produce. With residential solar systems, you can save thousands of dollars in your lifetime.