Whole House Solar System – Size, Cost, and Installation
Before buying a whole house solar system, consider its size, cost, and installation. You can also review your utility bill and look at meteorological data to determine how much sunlight you receive on a monthly basis. All this information will help you choose the right size solar panel system for your home. Also, consider the energy efficiency of solar panels. This way, you can avoid paying for energy that you never use. If your home is well-insulated, a smaller solar panel system will provide more energy.
Cost
The cost of a whole house solar system is dependent on your local market and your energy usage. The average installation cost of a solar panel system is about $25,100, which may be reduced further by the federal investment tax credit. Up until 2021, the cost of installing a solar panel system is tax deductible to the extent of 22% of the total cost of the system. Additionally, improvements in solar technology have made solar more affordable and easier to install. Costs are going down as the technology improves and the demand for solar energy increases.
Size
The best way to decide the size of your whole house solar system depends on a few factors, such as your energy usage, roof square footage, and wattage of your solar panels. In Maine, many homeowners choose to buy higher-rated solar panels, which generate more electricity and require fewer panels. However, the price of a solar system can be quite expensive without battery storage. That’s why solar installation companies can help you determine the right size for your house.
Installation
If you’re interested in going solar, you may be wondering how to go about installation. This process is becoming easier all the time, and you can find plenty of resources on DIY solar. However, if you don’t have the time, you may want to hire someone to do it for you. While installing solar panels yourself can be a fun project, it isn’t always recommended. Also, you may not be able to get the full tax benefits of a solar system if you don’t hire a professional installer.
Benefits
Installing a solar array on your home will boost its value and reduce your electricity bill. As home energy costs continue to rise, solar arrays also earn you tax incentives and increase the value of your home. You may also be eligible to receive monetary Renewable Energy Credits in many states. The benefits of installing a solar system are far-reaching, and the savings can offset the initial investment in the system. Solar panels also create their own renewable energy, which means that you will no longer have to depend on your utility company for your electricity needs.
Loans
If you want to install a whole house solar energy system but aren’t sure how to pay for it, you may need to take out a loan. Some lenders offer loans with extremely low nominal interest rates. While some solar lenders may advertise nominal rates as low as 1.89%, most of them are going to charge a ‘dealer fee’ on top of the loan amount. These fees, which can be as much as 17% of the total loan amount, don’t benefit third parties and only go straight into the lender’s pocket.