What is the Long-Term Cost of Residential Solar Installation?

Posted by New Day Solar
7 months ago | September 11, 2018

Cost is a big motivator for people who are considering a residential solar electric installation. There’s no doubt that energy from the sun will save you money because you don’t have to pay for traditional electricity bills. But, some homeowners are worried about the amount of money that will need to be spent to install solar panels on their home. Can you afford to invest in this upgrade?

Immediate vs. Long-Term Spending

While it is important to consider the immediate expenses, you also need to think about the long-term spending for utilities. You are already making a payment each moth for your electric bills for as long as you own the home.  Why not take that same money or less and put it towards a purchase of a solar electric system? You will also have a 30% Federal Tax Credit available to you, if you purchase or finance a solar system.  It does cost thousands of dollars to install a complete residential solar power system. But, you are already paying thousands of dollars a year on electricity costs to your electric company, why not put 0 down and pay those same payments for 12 years to a credit union, instead of a lifetime to your utility company.   

In fact, many people find that there is not a big change in their immediate expenses. The only difference is that the money is going to pay off the solar power equipment instead of paying the high utility bills. But, once the solar panels are paid in full, then you will enjoy the benefits of free electricity every month. The solar panels and inverters come with a 25-year manufacturer’s warranty, so from year 12 to at least year 25, you will have free electricity.

It is common for homeowners to pay off the solar power system in just a few years, since there is no prepayment penalty. Then, they can use the solar panels for free electricity without being subject to the increase in utility rates. 

How Much Will You Save in the Long Run?

The cost of solar power equipment has dropped over the years, making it more affordable than ever to install a residential solar power system. Plus, the 30% Federal Tax Credit can be used to offset the initial costs.

Also, make sure that you do the math on the long-term savings that are available. A quality solar power system can last for as long as 25 years or more, which means that you could save thousands of dollars in future utility costs.

Don’t delay your decision to learn more about the benefits of having solar installed at your home. Our experienced team at New Day Solar is here to answer your questions honestly and help you choose the right products to match your energy needs.

Call us for a free consultation and no-obligation quote: (855) 444-6329 or visit us at: www.newdaysolar.com.

What Can Solar Do For You?

Find out more with an honest, no pressure consultation with our team of solar experts.