How Have Solar Panels Impact Home Costs

Photos show a solar installation from 1988 left and a present day version.

How have solar panels impact home costs.

Solar panels can save you money on energy bills but they can be quite expensive to install. In addition to solar panel efficiency increasing dramatically solar panel producers have significantly improved their manufacturing processes. Buying a solar energy system will likely increase your home s value. A significant number of homes hitting the market each year now have solar or green building features mcgill said and a home may change hands two or three times during the lifetime of a solar array.

Though the basic underlying technology is the same a variety of factors have contributed to a hundredfold decline in costs. Some states local governments and utilities also offer rebates and other tax incentives that can further reduce the solar system costs in your quotes from solar installers. Many people who purchase solar panels do so with the help of a loan and others choose to lease their systems to save on the cost of installation. The average solar panel payback period is 7 to 12 years and solar energy saves 600 to 2 000 per year on electricity costs.

Cost of solar panels over time. A tale of falling prices. Solar panels generate their own power and can therefore greatly offset your monthly electricity bill if not eliminate it. Most solar panels last for 50 years have a 25 year warranty and start generating a return on investment after 8 years.

Over a decade ago in 2009 the cost of a solar panel installation was 8 50 per watt. A recent study found that solar panels are viewed as upgrades just like a renovated kitchen or a finished basement and home buyers across the country have been willing to pay a premium of about 15 000 for a home with an average sized solar array. The average cost to install solar panels is from 10 626 to 26 460 after tax credit for a 6kw to 12kw system to power an entire house. The solar industry today looks very different.