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Are Solar Panels Worth It? A Guide To Help You Decide

Did you know 27.2% of homeowners say they have or are in the process of getting solar panels or solar shingles. Of those who don't have solar power in their homes, 66.5% are interested in getting it in the future. Home listings with solar spend 13.3% less time on the market and are 24.7% more likely to sell over asking price.

Thanks in part to Solar Energy Technologies Office (SETO) investments, the cost of going solar goes down every year. You may be considering the option of adding a solar energy system to your home’s roof or finding another way to harness the sun’s energy. 

 

Homeowners can use solar incentives, credits, and rebates to save money on their solar panel system. For example, the federal solar tax credit provides a tax reduction equal to 30% of your solar installation costs. Additional state tax credits and incentives may be available in your area. Your local utility company may also offer one-time rebates.

Additionally, your state may have net-metering programs. These programs allow customers to sell extra energy back to the grid for credits on future electricity bills or payouts at the end of a calendar year. Alternatively, you can install a solar battery to store excess energy for use during a blackout, low sunlight days, or periods of high electricity rates.

We recommend checking the Database of State Incentives for Renewables and Efficiency (DSIRE) to find solar incentives and rebates in your area. 

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Installing solar panels on your home promises the rarest of opportunities: to profit while doing good. This powerful motivation has already seen more than 2 million homeowners install solar panels, increasing home values by up to 10%. August 2022,  saw more than 115,000 homeowners request quotes for residential solar systems.

However, the economics of solar can be vastly different depending on where you live, what your utility company charges for electricity, and how much power your specific home uses. 

Solar Panels

Six things to know before having solar panels installed

  1. Is My Home Suitable for Solar? Inquire about the suitability of your home for solar panel installation, considering factors like roof condition, orientation, and shading. To see if your house is a good candidate for solar, try out a solar panel suitability checker such as Google's Project Sunroof, then click below for your free rebate report for exact savings.

  2. What Size System Do I Need? Ask about the optimal size of the solar panel system based on your energy consumption habits and goals. Discuss your household's electricity usage patterns to determine the appropriate capacity and configuration of the solar array.

  3. What Financing Options Are Available? Inquire about available financing options, including purchase, lease, or loan programs. Understand the upfront costs, payment plans, and potential savings to make an informed decision that aligns with your budget and financial objectives.

  4. What Incentives and Rebates Are Available? Ask about available incentives, tax credits, and rebates for solar installations at the federal, state, and local levels. Understand the eligibility criteria and application process to maximize potential savings and incentives.

  5. What Is the Installation Process? Inquire about the installation timeline, process, and logistics. Ask about permitting requirements, equipment installation, and any necessary upgrades to your electrical system. Clarify who will handle the installation and any associated costs.

  6. What Maintenance is Required? Ask about the maintenance requirements for the solar panel system, including cleaning, monitoring, and routine inspections. Inquire about warranty coverage, service agreements, and support options to ensure optimal performance and longevity of your solar investment.

"Simply request your complimentary rebate report below for precise details on your costs, potential savings, and available rebates. No obligations or commitments required."

Floating Solar Panels

 Solar energy is clean and abundant

Unlock the potential of solar energy for your home or business and witness the immediate impact on your bottom line. 

Services are rendered solely by top-rated installation companies partnered with RSPRA

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The Federal Tax Credit

What is a tax credit?

A tax credit is a dollar-for-dollar reduction in the amount of income tax you would otherwise owe. For example, claiming a $1,000 federal tax credit reduces your federal income taxes due by $1,000. The federal tax credit is sometimes referred to as an Investment Tax Credit, or ITC, though is different from the ITC offered to businesses that own solar systems.

What is the federal solar tax credit?

The federal residential solar energy credit is a tax credit that can be claimed on federal income taxes for a percentage of the cost of a solar PV system paid for by the taxpayer. (Other types of renewable energy are also eligible for similar credits but are beyond the scope of this guidance.)

The installation of the system must be complete during the tax year.

Solar PV systems installed in 2020 and 2021 are eligible for a 26% tax credit. In August 2022, Congress passed an extension of the ITC, raising it to 30% for the installation of which was between 2022-2032. (Systems installed on or before December 31, 2019 were also eligible for a 30% tax credit.) It will decrease to 26% for systems installed in 2033 and to 22% for systems installed in 2034. The tax credit expires starting in 2035 unless Congress renews it.

There is no maximum amount that can be claimed.

How Much Do Solar Panels Cost In 2024?

The cost of solar panels ranges anywhere from $8,500 to $30,500, with the average 6kW solar system falling around $12,700. Solar panel prices vary based on where you live, the size of the system, the type of solar panels and more. With so many factors that go into the final price tag of your solar panels, knowing exactly where you might incur costs can help you budget for solar panels so that you can see the biggest energy savings without breaking the bank.

"Request your complimentary rebate report below for precise details on your costs, potential savings, and available rebates. No obligations or commitments required."

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