Purchasing Solar Panels For Your Home
When purchasing solar panels for your home, there are a few things you need to know. First, you should compare prices. Compare panels of different manufacturers and brands, and make sure to compare their warranty policies. You can also find out more about financing and how much it will cost you. You can even use a quote tool to get the best price for solar panels for your home. This will save you a lot of time and money!
Costs of solar panels in the U.S.
The cost of solar panels per watt varies greatly depending on the region you live in. In the northeast, prices range from $0.75 to $1.20 per watt, while in the south, prices are as low as $0.55 to $1.30. Midwestern solar panel prices vary greatly, but you can expect to pay at least $120 per panel before tax credits. The federal solar tax credit can reduce the costs by up to 26 percent. Some states, local governments, and utilities offer rebates to offset the cost of installing solar panels.
Solar panel costs are influenced by several factors, including national trade policies, local incentives, and tax credits. In the U.S., these costs typically include the equipment and installation services required for installation. The Solar Energy Industries Association (SEIA) recommends that you take advantage of state clean energy programs, which can reduce your upfront costs and shorten your payback period. Washington, Oregon, and New Hampshire have the lowest solar panel costs, but do check local government incentives before purchasing.
Factors to consider when purchasing
The amount of sunlight reaching your roof is a major factor in how many solar panels you need to power your home. The amount of sunlight that reaches your roof varies from location to location, and the amount of shade can make it difficult to harvest energy. If you live in a temperate climate, consider moving to a sunny area where you’ll receive more direct sunlight. Otherwise, make sure that your roof is south-facing to maximize the amount of energy that solar panels can produce.
Next, determine the cost of your solar panels. Solar panels are relatively inexpensive compared to other home energy sources. After all, the price of solar panels has dropped by 60% since 2011. Including federal and local tax credits and subsidies, the cost of a solar panel should be in the neighborhood of $17,000. This range includes the cost of installation and maintenance. When purchasing solar panels, make sure to check for warranties.
Financing options
There are several financing options for purchasing solar panels for your home. You can secure a loan from a bank or other lending institution, or apply for a home equity line of credit. While the traditional loan requires the borrower to have equity in their home, this alternative offers a flexible line of credit that allows you to purchase solar panels upfront and pay them off later. A HELOC may also qualify you for lower interest rates than a bank loan.
Another popular way to finance solar panels for your home is through the federal government. Many homeowners qualify for solar additions to their mortgage, with the amount depending on the value of the home. The Federal Housing Administration is also a great resource for solar financing options. These loans require no down payment and offer flexible payment plans. And because you’ll be using the money to generate free electricity for years to come, they’ll have a lasting impact on the value of your home.
