When it comes to cost, 18 panels to compose a solar array for a home typically costs around $16,000.00. But…you’re also eligible for a 30% federal tax credit. On $16,000, that’s $4,800, so your total cost comes down to $11,200.
There are so many benefits to having solar panels installed on your home! Just a few include:
- Significantly reduced power bills
- Increased property value
- Supports American manufacturing and economy
- Creates local jobs
- Guaranteed low-cost energy for decades
The internal rate of return is 7%. So if the energy consumed by a household each year in KWH (kilowatt hours) is 13,000, with 18 panels a total of 7,500 KWH, or 55% of the total consumed, is produced by solar per year. This means that the time for the initial investment to be “paid back” is 12 years. However, solar panel systems typically last for 25 years, meaning you get ahead of the game after the first decade or so.
This information was provided by my friends at Red Group, my source for everything related to solar panels. For more information on installing solar panels to your home, contact Melvin Jewett at Red Group at (704) 2477457 or email@example.com.