For the most part, solar power companies hesitate to provide off-site quote owing to the fact every property is different. Nonetheless, this read will give you an idea of how much solar panels might cost you.
Among the factors that influence the cost include:
– Sun exposure,
– Time of year,
– Number of solar panels needed,
– Excess energy usage,
– The prices of utilities, and
– Whether you want a battery-operated or on-the-grid system.
On average, American household use one kilowatt per hour, which typically costs $0.10. This translates to $73 worth of electricity as there are 730 hours in a month. On the solar power front, it cost an average price of between $7 and $9 per watt to install solar panels. As such, if you are looking to invest in a 5-kilowatt system, you could spend $25,000 to 35,000.
You should note that this is a calculation based on average pricing. The price of electricity does fluctuate as does your usage. As such, for a more accurate quote, you should contact a solar company.
The Influence Of Solar Adds To Your Property’s Resale Value
Not only does solar panel reduce your utility bills on a monthly basis, but they also bolster the resale value of your home. Typically, solar panels increase the resale value by $5,000 per kilowatt. This translates to an increase of about $20,000 to your home equity when you invest in a 5- to 8-kilowatt system that costs $35,000. Furthermore, considering that the tax credits at this level amount to about $21,000, you will get about 97% of your investment back at the point of selling your home. However, in the meantime, you will make huge utility savings.
Should You Invest In Solar Energy?
As part of consulting with a solar company, you will be advised on whether you are an ideal candidate for solar energy. They will give you an honest opinion; if you fit the bill, they will tell you and if you do not, they will advise you on your situation. Below are some of the considerations they make to determine whether you are an ideal candidate to invest solar energy.
You need ample roof space to install your solar panels. As such, solar companies determine the amount of roof space you need for your energy requirements. The energy you use, the more space you need. Typically, solar panels produce 10 watts per square foot. This is a conversion efficiency of 12%. As such, for every kilowatt you need, you should have 100 sq. ft. of solar panel space.
Placement of Panels
To produce ample electricity, your solar panels should installed facing western, eastern, and southern direction. The northern facing roofs tend to receive minimum sunlight and are, therefore, not suitable for solar panel installation. It is also important to place the panel in areas devoid of tree shade.
How many hours of unobstructed sunlight per day do you get? Locations in Chicago, Seattle, and Pittsburgh typically get an average of 3 to 4 hours. However, locations in Arizona, California, and Colorado get in excess of 7 hours. As such, if you live in areas with little sunlight hours, you need a bigger solar system to capture more sunlight and generate more energy.
Typically, solar companies will calculate your quote by using this formula: divide your average daily electricity use by the solar irradiance (the power you get from the sun) and multiplying that figure by 71%. Multiplying by 71% allows the companies to take into consideration the inherent inefficiencies that a solar panel will have in as far as converting the sunlight it receives to electricity. Using this formula you learn whether investing in solar panels will save you money.
Cost vs Incentives
Regardless of whether you buy, finance, PPA, or lease, there is a cost implication. As such, it is paramount to ensure that the solar panel will save you some money. Take into consideration the rebate and tax credits and the option of selling electricity back to utility companies then calculate how much the solar panel will save you. If it does actually save you money, by all means, consider investing in solar power.
Get a customized quote from top solar power companies today.