Solar panels for a home can prove costly. Thanks to the advances in PV technology, costs are falling and return on investment is improving. Federal rebates are available for solar power, making PV panels a great investment. You can expect to pay approximately $19,000 for solar panels for a 1500-square-foot house. For more information, see the various types and prices of solar panels.
Prices for solar panels
Before you can calculate how much solar panels cost, it is important to determine the energy consumption of your house. For an average 1500 square foot house to consume 6 kW, it will require at least 15 to 18 solar panels to generate the same amount. Each watt of electricity produced by a solar system will cost you between $2.5-$3 per kilowatt. However, keep in mind that if you live in an area with less sun than average, you will need to install more solar panels to generate the same amount of energy.
Different types of solar panels
The average American house measures approximately 1500 square feet. The average electric bill is around $100 per month. The average household will need 15 to 18 solar panel panels to offset the cost. A typical refrigerator consumes around 250 watts of electricity and operates for four hours each day. Consider the average family's energy consumption to figure out how many panels would be needed for a 1500-square-foot house. The average wattage for a solar panel is 37 W. The number required depends on energy usage and location.
Cost per Watt
While electricity costs are rising, solar panel prices have fallen. A solar system installation is affordable and rewarding thanks to the recent technological advancements and incentives offered through state and federal energy departments. You will see a reduction in your monthly costs and a return on investment in a matter of years by installing solar panels. Based on the size and type of solar panels, the cost per Watt for a 1500 sq. foot house can vary from $7200 to $20160.
Installing solar panels on the roof
The cost to install solar panels on a roof for a 1500-square foot home can vary depending on its size. Prices can go up to $7500 to $21,000. Also, the number of panels installed will impact the price. Solar panel installation in an area with limited sunlight will require more panels than one installed in a sunny place. If there are buildings or trees in the vicinity that block sunlight from reaching your panels, you may need to buy more panels.
Tax incentives
You can save money by using solar energy to power your home. The federal government offers several incentives for solar installations. If you are eligible, you can receive a dollar-for–dollar tax credit and a 25% federal credit. You can get a $500 tax credit each year. Depending upon the size of your solar panel, you could even qualify for a property-tax exemption.
Solar panels leasing
If you're thinking about installing solar panels on your home, but don't want to pay a high initial cost, you can consider leasing solar panels. The panels are affordable and can help you save between $50-100 per month on your electricity bill. Leasing panels is an option to buying them. There's usually a small down payment. In addition to saving money on installation and maintenance fees that you will have to pay to your leasing company, this also allows you to make a significant savings. And you'll have to pay to transfer the lease if you decide to move.