Solar panels can be expensive to install on a house. As PV technology advances, costs are dropping and returns on investment are increasing. The federal rebates that are available for solar energy make PV panels attractive investments for every home. A 1500-square-foot house with solar panels will cost you approximately $19,000. Take a look at the various types available for solar panels.
Solar panels are priced
In order to calculate how much solar panels will cost, you should first figure out the total energy consumption of your home. 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. You will need more solar panels to generate the same amount if there is less sun than usual.
Types of solar panels
The average American home measures 1500 square feet. An average monthly electric bill costs around $100. To offset this cost, an average household will require between 15 and 18 solar panels. A typical refrigerator uses approximately 250 watts of electricity, and runs for about four hours per day. For a 1500 sq. foot house, you will need to consider the energy use of a typical family. The average wattage of solar panels is 37 watts. The number and size of the required panels will depend on energy consumption and the location.
Cost per Watt
While the cost for electricity is on the rise, the price of solar panels systems has dropped dramatically. Installing a solar system can be affordable with recent advances in technology and incentives from federal and state energy departments. Installing solar panels will reduce your monthly expenses and bring you a return on your investment within a few years. For a 1500-square-foot house, the cost per watt of solar panel can be between $7200 and $20160 depending on its size and the size the panels.
Solar panels installed on the roof
Depending on your house's size, the cost to install solar panel roofs on a 1500-square ft home can be between $7500 and $21,000. Additionally, the number of panels will affect the price. An array of solar panels installed on a house that doesn't receive direct sunlight will need more panels than one placed in a sunny location. If there are trees or other buildings around the area, it may require you to purchase more panels.
Tax incentives
Using solar energy for powering your home can be a great way to save money and reduce your carbon footprint. The federal government offers several incentives for solar installations. If you're eligible, you could get a dollar for dollar tax credit, a 25 percent federal tax credit, or a sales tax exclusion. A $500 tax credit can be earned each year. Depending on the size of your solar array, you can even receive a property tax exemption.
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 very affordable, and you can save between $50 and $100 a month on your power bill. You can lease the panels instead of buying them, and there's little to no down payment. The leasing company will charge you maintenance and installation fees. This allows you to save money. Additionally, you will have to pay for the transfer of your lease if it is time to move.