There are many benefits to having solar panels installed on your home. But, solar panels can come with some maintenance costs. For this reason, you should consider these costs before purchasing your panels. This article will detail all these benefits. Read on to discover the benefits of solar panels on your home. Continue reading to discover if solar panels might be right for you.
Solar panels cost installation
Depending on how big your home is and how much energy you use, the cost of installing solar panel panels will vary. The amount you save will depend on a few factors, including the size of your solar panel array, the condition of your roof, and the electricity rate in your area. The savings you will see after the installation is complete will make it worth the effort. Here's how to estimate the cost of installing solar panels on your home. The first step is to estimate the amount you spend on electricity each month.
Calculate the average electricity cost in your area to calculate how much you will save the first year. A solar array with a life expectancy of 25 years will likely return its investment in two years. Utility cost inflation will need to be taken into account. You should also consider the fact that electric bills increase by 2.2% annually.
Tax credits
For solar panels installed in your home, the government provides a tax credit. This credit can reduce the total cost of your system by forty to seventy percent, depending on the number of panels you buy. There are limitations, though. This credit cannot be used if there is a $800 tax liability. Consider getting a loan to finance the cost of installing solar panel.
There are two types tax credits available for solar panels: state and federal. The federal credit equals 10% of the equipment's cost. If you install solar panels in your home, the credit can total up to $300. The credit can be claimed on your tax return. You don't need to provide any documentation, but it is recommended that you keep all receipts in order to be audited by IRS. These credits are available for used and new systems.
Return on investment
The payback period for solar panels is determined by taking into account the total cost of installing and maintaining the system, along with annual benefits like avoided electricity costs. After calculating these benefits, divide the cost by the amount you paid for electricity before you installed the solar panels. The typical solar system will pay off in eight years. To determine if your area has sufficient sunlight, click here. A typical solar-electric system in Charleston, S.C. costs $13,000. Government incentives cover between 30 and 65 percent of this price. This means you can expect to get a return of $20 or more within eight years.
Aside from producing clean energy, solar panels can also generate electricity, which can save you money every month. These systems can also be used during the daytime, when you aren't using electricity from the grid. This will allow your grid dependence to be reduced and may even enable you to live off the grid if incentives aren’t available. It is not enough for solar panels and other home-energy technologies to be worth their value if you only have a short payback period.
Maintenance costs
Most solar panel installations don't require any active maintenance. However, some homeowners prefer to buy a service package which includes cleaning, system checks and pest control. This service is not as common for residential installations as it is for commercial ones. It costs a few hundred dollars per year. To avoid this extra expense, it is best to schedule annual maintenance before installing the system. You may also need to inspect the panels every year.
A solar inspection typically costs $150 to $180 per year. This inspection will examine for corrosion, wear or loose bolts as well as cracked glass and panels. These items can be repaired, which will cost between $650 and $384 per panel. You may also need to trim trees or relocate the solar panel system. Bundled warranties are offered by some solar service companies. Based on how much energy you use each year the annual inspection and cleaning costs can range from $150 to $384 depending on which solar panel you choose.