Want to generate clean energy and pay less to your local power company? Installing solar panels is a smart move. To be sure you’re really doing the right thing for your pocketbook, though, you have to examine all the costs associated with solar panels and weigh them against potential long-term savings. Installation costs are just part of the story.
Solar panel systems qualify for a number of rebates, tax credits, and incentives. These incentives can reduce the cost of your system by 30 percent or more, depending on where you live.
Calculating the cost of a solar panel system
In this example, your net solar panel installation cost is nearly 45 percent less than the gross cost, thanks to cash rebates, state tax credits, and the federal ITC. Remember that net costs can vary significantly depending on what incentives are available in your area. We recommend getting in contact with one of our Energy Analyst to get a quick estimate of how much you can save by going solar in your area.
Benefits of a solar panel system
In addition to the environmental benefits of going solar, your solar panel system is a smart financial investment. The financial benefits of a solar panel system include: