Sunday, 26th October 2014

The Costs Involved in Installing Solar Panels on Your Home

Posted on 22. Jun, 2012 by in Solar Panel Installation

The Costs Involved in Installing Solar Panels on Your Home

The Costs Involved in Installing Solar Panels on Your Home

If you have ever wondered what it would cost to install solar panel on your home, then I will break down the cost for you. I first will show you what a contractor installed system will cost and then I will show you how you can install your own system.
 
First we must find out what electrical loads you want to power using this system. We need to know also if you have a roof which faces in a southerly position. We will assume for practical purposes that you have a good location for solar panels on your house, and that we are looking at a large system of 10,000 watts. We must also consider your current monthly electric bill of $200 with an estimate of 8% increase over a 10 year period.
 
Another important factor in are estimate is our home value versus adding solar panels. If you save $700 per year, your solar panel installation will increase your home value $14,000 this is based on national averages.
 
Based on a 10,000 Watt system the total cost would be $53,000 dollars, but with a federal tax credit of $16,050, plus I am using my own state of Pennsylvania as an example of $7,500 solar grant which would give you a total cost of $29,950 for your system. Understand also that some states offer more incentives and others less.

Installing Solar Panels on Your Home

You are probably wondering what is price includes. This price includes everything needed for a grid tie system which means that at night or when there is no sunlight you are using the power company's electricity, but during the day you are generating electrical power from your solar system and many times you will actually selling power back to your utility company through a special metering system. I know this may be somewhat technical for some people so I will not dwell on it.
 
Now the good part, how you can save even more on your system. A 10,000 Watt system is going to have as many as 60 solar panels depending on the wattage of each panel. You can build a complete solar panel yourself for around $150, where a store bought panel can cost up to $400 each. I think you can see how you can save a big chunk of money by doing it yourself. If you can solder and have a little patience, you can build a solar panel in a day, complete. However, the cost of installing solar panel on your home can still save you money on your electrical cost, especially if you plan on living in you house for many years. Going green with solar is one way to help save our planet by using alternative energy.
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