On average, a solar panel cost, which includes its installation and the system as a whole, can range from $15,000 to $25,000 based on your needs. In contrast, the cost of electricity varies by location.

 


So, before you plunge into solar panel solutions, learn how your location, electric bill, and incentives may affect your wallet over time. After that, search and read about how solar panels can save you money in the future & are they truly worth it or not.


In this post, we will discuss how you can determine whether you'll save more than you spend on solar panels.

  1. Review your electric bill

Solar panels generate their own power and can, therefore, greatly offset your monthly electricity bill, if not eliminate it. The higher your bill, the more likely you'll benefit from switching. But be warned that the primary costs on your statement, consumption and electricity rates, are erratic.


The amount of savings could change if a utility's electricity costs change. Similar to how energy consumption can alter, so can the savings.


  1. Evaluate your sunlight exposure

More sun equals more energy generated and more possibilities for solar panel cost savings. Arizona and California, for example, have more daylight hours on average than other states.


The output of a solar system is also influenced by the roof style, the amount of shade your property receives, and your home's direction toward the sun. Using methods like the solar reviews calculator, you can easily determine the efficiency of the solar panels on your house.


  1. Estimate and compare the cost of solar panels for homes


With solar panels, installation and panel acquisition represent the bulk of the cost. The initial costs can be offset by low long-term costs. The majority of systems don't need much maintenance and are built to survive for 25 years or more with little change in the amount of electricity produced.


So, while calculating the total price, consider how much energy you regularly consume — your usage is listed on your monthly utility bill — and what size system will generate the amount needed. The system size can be easily estimated.


With installation, an average residential 5-kW system costs from $3 to $5 per watt, which results in the $15,000 to $25,000 range. That cost is before any tax credits or incentives.

Is solar panel installation right for your home?

Installing solar panels on your home is worthwhile, while the 30% tax credit is in effect if you live in a location with high energy costs and a sufficient solar rating. Also, if you can afford the initial expenditure – for the sake of the environment and your pocketbook. However, do not anticipate a sudden reduction in your power cost


We at Meraki Melbourne offer affordable solar panel costs. Visit our website and book a service for you.