5 Factors Which Impact Residential Solar Panel Costs

Did you know that solar is an industry growing at an exponential pace, especially in the United States? As this energy source becomes more popular, homeowners and business owners want a new way to save money and heal the planet with solar energy.

Have you ever wondered about residential solar panel cost for your home? Here are some financial factors to consider if you are thinking about going solar.

1. Your Home Power Consumption

Obviously, the more power that you use, the more power you will need from solar panels. When you consult with a solar company, such as Blue Raven Solar, they will be able to estimate your power usage and how many panels you will need. If you use a lot of power, you may need more panels or a more efficient system.

2. The Size of Your Property

Another factor in the cost of residential solar panels is how large your property is. You need to determine how much room you have on your roof to fit solar panels.

Sometimes it is better to upgrade to more powerful solar panels if it means that you do not have to waste even more roof space.

3. Discounts and Write-Offs

With green energy initiatives more abundant than ever, you can get plenty of discounts and tax write-offs for your solar panel system. The federal government offers a hefty write-off for a chunk of your solar system the year that you purchase it.

Make sure to factor this into the cost, because a reduced tax bill could make the solar panels affordable for your family.

4. Types of Solar Panels

The type of solar panel you choose will also affect the price range that you pay. For example, polycrystalline solar panels are cheaper, but they will not last as long and tend to be less energy-efficient.

However, you can invest upfront in a more high-quality option like monocrystalline panels. These will last you much longer and will also produce more energy for your home in less time.

5. Solar Financing

If you cannot pay the full cost of residential solar panels at once, it does not mean that it is unaffordable for you. Many solar companies offer financing programs, where you can make payments for a number of months to break up the cost.

You can also get a personal or home improvement loan from your bank if you have good credit. Often, these types of loans are low interest and you can get the financing you need to pay for the entire solar panel system.

Estimate Your Residential Solar Panel Cost

If you want to install a solar panel system, you should not have to be in the dark about the price tag. With these tips, you can calculate your residential solar panel cost so you have a good idea of what you will pay.

Want to learn more about all of the ways that you can save money on your new home? Check out our site for more money-saving tips and tricks.