How Solar panels can save you big money on energy bills — here's what you need to know
November 25, 2022 By Raulf Hernes
(Image Credit Google)
Rising energy costs have prompted many consumers to think using alternative energy sources, specifically solar panels. In fact, in 2021, 500,000 solar panel projects (opens in new tab) will be installed on homes.
While solar panels can be an excellent means of saving money on future electricity bills, it is critical to consider all factors before deciding to install solar panels on your home. The initial investment costs are particularly high, and it will usually take some time to recoup these costs through savings.
What are the prices of solar panels?
Installing solar panels on your home will typically cost between $15,000 and $25,000 (opens in new tab), with prices decreasing year after year since 2009. The Residential Clean Energy Credit, on the other hand, allows for a 30% tax credit off the purchase cost of a solar system.
Although this credit can reduce the overall cost by a couple thousand dollars, it is still a significant upfront investment. As a result, it may be difficult to determine whether spending this much money is worthwhile in the long run. The following advice can help you determine whether installing solar panels will save you money in the long run.