Solar panels for a home can prove costly. The costs of installing solar panels on a home are declining and the return is increasing with the advancements in PV technology. Federal rebates are available for solar power, making PV panels a great investment. For a 1500-square foot house, you can expect to spend approximately $19,000 on solar panels. For more information, see the various types and prices of solar panels.
Prices of solar panels
Before you can calculate how much solar panels cost, it is important to determine the energy consumption of your house. The average 1500-square foot home uses about 6 kW energy. Therefore, to produce the same amount you will need at least 15-18 solar panels. The cost to generate one watt of electricity from a solar panel system is determined by how large your home is. Typically, the price of solar panels costs between $2.5 and $3 per Kilowatt. For the same amount to be generated, more panels will be required if your location receives less sun than the average.
Types of solar panels
The average American home measures 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 runs on approximately 250 watts each day and consumes about 4 hours of electricity. To understand how many panels are needed for a 1500 square foot house, consider the energy usage of the typical family. The average wattage of a solar panel is 37 watts, and the number of panels required will depend on the amount of energy use and the location of the house.
Cost per watt
While electricity prices are on the rise, solar panel systems have seen a dramatic drop in price. With recent advancements in technology and incentives offered by federal and state energy departments, the cost of installing a solar system is an affordable and rewarding option. Installing solar panels will reduce your monthly expenses and bring you a return on your investment within a few years. Depending on the size of your system and the size or panels used, the cost per watt for a 1500 square-foot house could range between $7200 and $2160.
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. For a solar panel installation to be effective, a house in direct sunlight will need a greater number of panels than one that is located in a sunny spot. If you have trees or buildings that block your solar panels from receiving full sunlight, you might need to purchase additional panels.
Tax incentives
It is possible to save money and reduce carbon emissions by using solar energy to power the home. Federal incentives are available for solar installation. If you are eligible, you can receive a dollar-for–dollar tax credit and a 25% federal credit. A $500 tax credit is possible each year. You may be eligible for a property tax exemption depending on how big your solar array is.
Lease solar panels
Leasing solar panels is an option if you are considering installing solar panel on your home but don't want a large upfront cost. These panels are extremely affordable and can reduce your monthly power bill by between $50 and $100. The panels can be leased instead of purchased, with a minimal down payment. Leasing panels will save you money on maintenance and installation costs, which you'll need to pay to the leasing company. And you'll have to pay to transfer the lease if you decide to move.