May 19, 2016

How Much Do Solar Panels Cost?

Solar Financing

When considering the installation of a solar panel system, it is only natural to ask how much do solar panels cost. After all, most homeowners do not want to make the switch to solar if it is not going to be a cost-effective alternative to using electric generated from coal-fired electrical plants. When determining how much it will cost to install solar panels, there are many factors to consider. These include:

Size: Systems range in cost from a few thousand dollars to tens of thousands of dollars. The final cost will depend upon the size of the solar system that is necessary to meet your electrical needs.Rooftop: While a solar system does not necessarily have to go on the rooftop, this is generally the best location. Since your system will be tailor-made to fit your roof, the ultimate cost of the system will be impacted by the design of your roof.Tax Credits: Tax credits can help to reduce the overall cost of installing a solar panel system. Currently, there is a Federal Tax Credit that covers 26 percent of the cost with no maximum dollar amount. This credit is set to be reduced to 22 percent in 2021. Utility Rebates: Some utility districts offer rebates to customers who install solar systems. These rebates can further help to reduce your overall cost.

While there is no “one size fits all” answer to the question of how much do solar panels cost, most homeowners find that installing solar panels is a cost-effective option. The best way to find out if it is right for you is to simply get an estimate.

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Nick Gorden

Nick Gorden is the Co-founder and CEO of Shine Solar. Nick’s energy, enthusiasm, and leadership is contagious and has contributed to attracting a talented and successful executive team. His time is focused on strategic growth, maintaining profitability and creating the optimal customer experience. Nick has started, managed and sold companies within the communications, mortgage lending, insurance and real estate industries resulting in tens of millions of dollars of market value to investors.

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