Solar Panel Investment
How Much Do Solar Panels Cost?
Solar panels are undoubtedly the best alternative for economically-conscious individuals who want to power their homes and businesses. The benefits of using solar power can range from getting cleaner air to having freedom from rolling blackouts and electricity price fluctuations.
Is the cost of solar panels worth it? Some people are still hesitating to go solar because of the perceived cost of a solar power system and installation. The best approach to evaluating the value of investing in solar energy is to understand the actual cost and potential savings.
Here at Raycycle, we are notable for our transparency and quality of work. With this article, we aim to help those who are planning to invest in solar energy understand the following:
Let us lay it out up front that most people can afford solar panel installation these days because of the available financing options and government solar incentives. Read on and discover why solar panels are worth it.
How Much Do Solar Panels Cost?
While switching to solar electricity can help achieve independence from conventional power grids, it is crucial to consider the startup cost of setting it up. Two main components can affect the overall cost to install solar panels – the panels themselves and the installation cost.
The Cost of Actual Solar Panels
Depending on the type and model, the average cost could range from $16,000 to $35,000. The three types of solar panels available today vary in efficiency and cost.
But how much do solar panels cost for a 1,500 square foot house? Based on calculations from Modernize, outfitting a 6kW solar system to a home of this size would cost around $18,500 (assuming the installation consists of high-end solar panels amounting to about $2.50 to $3.50).
Many factors affect the actual price of the installation, which we will reveal in the following sections. For a quick estimate, the overall installation cost could range from $17,000 to $29,000.
Raycycle understands that the upfront cost can be hefty, which is why we offer flexible financing on top of the federal and state tax credits and rebates. For instance, solar rebates may qualify residents for a $200 refund for every kW of solar energy installed.
Factors that Influence Solar Panel Installation
Our company performs custom installation to every project, ensuring our clients a solar panel system suitable for their property and budget.
Below are some of the factors we discuss with our customers when evaluating how much investment they need when installing solar panels:
How to Determine Savings with Solar Energy
To help customers gauge the benefits of investing in solar energy, we provide these four variables to evaluate if they will save more. You can use SolarReviews’ online calculator to see how much a solar panel system can save on your energy costs.
Solar panel installation will significantly benefit those who have higher monthly electricity bills to pay.
Frequently Asked Questions
The two main drawbacks of solar energy are the initial cost and space requirement. Fortunately, a combination of financing options and incentives can help make the financial investment more approachable.
Yes, solar panels are a good investment in 2023. Significant benefits include cheaper solar panel costs, ongoing tax incentives, and freedom from sudden price hikes by utility companies that rely on non-renewable energy sources.
No, it's not a scam. However, shady companies perform improper installations or provide low-efficiency solar panels for a high price. To ensure professional installation and high-quality solar panels, reputable companies such as Raycycle are what solar energy switchers should look for.
On average, solar panels will start paying for themselves between six to 10 years, depending on the location. From then on, there will be no need to shell out money for the monthly electric bills or very minimal utility bills, depending on the setup.
Fortunately, there is no catch. We lay down everything upfront, including the cost of installation. It's a long-term investment benefiting both the property owner and the environment.
Make a Risk-Free Investment with Solar Panels
Investing in solar panels is risk-free if handled by solar experts such as Raycycle. Clients favor us for our notable transparency and professionalism. We provide clients with assistance throughout the transition, including claiming incentives for their solar panel investment.
Ready to go solar? Contact us today, and we’ll help you make the transition to the best energy source to date.