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How much does Solar cost?
The average cost of a solar panel installation in 2023 ranges from $16,870 to $23,170 after taking into account the federal solar tax credit, with an average solar installation costing about $20,020. On a cost per watt ($/W) basis, solar panel prices in 2022 average $2.86/W (before incentives). This data comes from our own marketplace data from thousands of users across 37 states and Washington D.C.
Will solar panels increase your property tax?
No, solar installations are exempt from property taxes. Installing solar panels in your state will increase the resale value of your house without costing you an extra dime in property taxes. The same cannot be said for other home improvements like swimming pools, windows, kitchens, or new decks, etc.
Will solar panels increase home Insurance rates?
Many insurance providers actually offer a small discount because they consider environmentally-friendly people less likely to make an insurance claim (ie, house fires from things like cigarettes and appliances, you earn credit with the electric utility and your next bill will be for the net amount of what you took from the grid and added to it.
What is the return on investment for solar?
The average ROI on solar panels in the United States is about 10% Solar panel ROI varies widely based on location and the specifics of your home. If you have a solar estimate with cost and savings projections, you can use modern spreadsheet programs to make ROI easy to calculate.
Do I have to pay for my solar system upfront?
All of the solar programs require no upfront cost and usually, the monthly payment will be right around the average monthly payment that you currently pay with your utility. Remember, with solar your payment is a flat rate that never goes up. Should I wait to go solar because panel prices will continue to fall?
Should I wait for prices to drop more?
Solar panel prices are expected to fall a bit more but with utility power rising over 6% annually, locking in a low rate for 20+ years of solar electricity will save you more money the sooner you do it. Also, consider that funding for most solar rebates is not guaranteed very far into the future. Today, the rebate climate in most states is favorable, providing $1,000s to homeowners. In 3 years, rebates could be much smaller, and solar panels might only cost a few dollars less. Should I go solar if I'm planning to move in a few years?
Will solar panels hurt my home value?
Solar panels not only increase the value of your home, but they also help it sell faster, often in half the time of a comparable home without them, according to the Department of Energy, Research shows homeowners consider energy costs an extremely important factor in the decision to purchase a home, so solar panels attract attention in competitive real estate markets. Buyers understand that by purchasing a house that uses solar energy, they won't have to worry much about rising utility prices. Should I wait to go solar because panel prices will continue to fall?
