If you’re installing solar panels in your home, you’re in good company—thousands of people are making the switch to greener energy sources.
But there’s a lot that most of us don’t know about solar panels… including how much they cost and how much money they’ll save you.
How Much Do Solar Panels Cost?
Installation and materials can vary greatly in price when it comes to solar panels. On average, though, solar panels will cost you about $3.70 per watt that they produce. The average-sized solar panel system that generates 5 kilowatts could end up costing you about $18,500.
Here’s the deal, though. You may not need to pay all that out of pocket.
The government offers rebates—some pretty sizeable chunks of change, actually—to people who are installing solar panels in their homes. There are often tax credits associated with green upgrades, too.
“If you are eligible for the rebate, they would essentially chip in $800 per kilowatt—or $5,600—for your installation,” says Reed Crossley, a solar marketing specialist in Austin, Texas.
How Much Money Will Solar Panels Help You Save?
A standard 6,000-watt solar panel system will produce around 13,000 kilowatt-hours of power per year. That means you’ll save between $150 and $200 each year.
Not so fast, though. That means it’ll take between seven and 15 years for a solar panel system to pay off.
The typical solar panel system lasts between 20 and 30 years.
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