Hundreds of thousands of homeowners in the United States are making the switch to solar energy every year. In the third quarter of 2021 alone, more than 130,000 home solar systems were installed in the US, a national record.
Installing home solar systems comes with a host of benefits, including energy savings for the homeowner and wider environmental benefits. If you have been weighing up the merits of installing residential solar panels, then this blog post is for you.
Here, we will highlight everything you need to know about making the switch to solar.
What Is the Average Cost of Going Solar?
There are a number of factors that determine the cost of installing a home solar system. These include:
- Solar system size
- Your property’s location
- Your current energy usage
- Availability of local incentives
Looking at the national picture, the average cost of installing a 6 kW solar system is between $10,000 and $13,000. This is after factoring in the federal solar tax credit but before reducing any available state tax credits (more on that below).
What Solar Incentives Are Available?
The federal solar tax credit currently stands at 26%, representing a significant reduction in the upfront cost of installation. This figure is due to decrease to 22% by 2023, after which it will expire. Therefore, now is the best time to make the switch to solar and take advantage of the higher tax credit rate.
Further to the federal solar tax credit, many states offer additional incentives to make it more affordable to purchase solar installation equipment. For example, in South Carolina, homeowners are entitled to a state tax credit of 25% of the purchase and installation costs.
Click here to find a top solar company in South Carolina.
What Are the Potential Cost Savings?
Let’s continue with South Carolina as an example. Homeowners in Charleston County with a 6.3 kW solar system can expect a net profit after 25-years (the energy savings less the system cost) of between $26,051 and $31,840.
In addition to the cost savings, solar panel systems help to increase the value of a property. Research shows that solar panels can add up to $15,000 to the resale value of a mid-sized property.
Solar panels are also environmentally friendly. They do not produce greenhouse gases compared to oil and coal, and solar energy is infinite (at least for the next 4.5 billion years). Solar energy is poised to play a major role in tackling climate change in the coming years.
What to Know About Installing Home Solar Systems?
The above information highlights the many advantages of making the switch to solar energy. Solar panels are a means of significantly reducing your home’s energy bills while protecting the environment.
Speak to your local solar installation company and check Dcbel’s website today to learn more about the benefits of solar power for you and your home.
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