If you are worried about solar panel cost, it is important to note that installing a solar system for home can save you money over time. As more and more homeowners uncover the money-saving value of going solar, the Solar Energy Industries Association reported a record of more than 500,000 new residential solar panel systems installed in 2021. While installation still requires a hefty upfront solar panel cost, the rebates and incentives paired with utility bill savings over time have proven to provide most homeowners with substantial long-term savings.
Solar Panel Cost Is Decreasing
The uptick in residential solar panel installations has positively impacted the cost of going solar. According to MarketWatch, solar panel cost for your home has decreased by an annual average of over 60% throughout the past decade.
Even with the decreasing cost of solar panels, installation is still a significant investment. The cost investment varies depending on the system type: grid-tied, off-grid, or hybrid. Off-grid and hybrid systems are more costly because of the addition of a home battery backup.
The State of California offers net energy metering if you choose a grid-tied system. Solar owners supply their excess energy to the power grid in this scenario and receive credit for their energy bills.
How Going Solar Saves Money
There are many positive benefits to going solar, but the most popular reason homeowners state is because they want to save money on electric bills. In addition to saving money on bills, installing a solar system for your home can also increase your property value, provide energy independence, and reduce your carbon footprint.
When calculating your home’s savings from going solar, you should consider several factors, including location, size, and current energy usage. Studies have shown that most solar homes save between $44-$187 per month on electricity, with homeowners taking an average of six to ten years to pay back the installation cost. With a 30-year lifespan on your solar system, this could produce a cumulative savings of between $10,000-$40,000 over time.
How Electric Vehicles Factor into the Equation
As we look toward the future of sustainable energy, many people may own a solar system and an electric vehicle. If that’s your plan, consider investing in a solar-converting EV charger. Even though solar panel cost upfront is a good amount, over time, this will save you even more money because EV charging is said to increase household energy consumption by 50-100%.
Additionally, EV owners are eligible for new income-tax credits available through the federal government. You can pair this additional financial incentive with any incentives or rebates from automakers.
Contact us for more information about the $0 out-of-pocket cost of going solar in California and having an EV Charging station installed as part of your solar project.