When you begin to research the costs involved in converting to solar power, you may find yourself asking, how can I save money when solar panels are so expensive? The reality is that while solar power is an investment, there are a plethora of benefits that offset that cost.
What Goes into the Cost of Solar Power
Solar power costs are made up of more than just the purchase of the panels. Installing a solar power system requires the application fees for permits, man-hours of work, equipment, connecting to the grid, and possibly even a battery backup. Each component of your solar power system comes with its own costs.
A relatively small 5kW residential system in California averages about $15,000. This cost goes up and down depending on how many panels you need, what type of panels you choose, and what type of system you want to be installed.
Want to take a deeper look at the components included in a residential solar energy system? Read this.
Saving Money with Solar Power
With all these costs, why is solar power worth the investment? Going solar will drastically lower your utility costs. According to Solar Reviews, the average amount you save in utility-related costs starts around $40,000 over the lifetime of your solar power system.
Beyond these savings, switching to solar power also increases the value of your home. Should it come time to resell your home, solar panels will give you a real boost!
With a wide variety of purchasing options, plus the federal tax credit available, you can actually switch to solar now for less than ever before. So the real question is not, “how can I save money when solar panels are so expensive”, but, how can you afford to wait?
Want to get started on your solar power journey? We’re here to help!