Most homeowners understand that a solar panel system can reduce monthly electricity bills. However, with fast-moving changes in tax credits, solar panel prices, and other associated costs, many are surprised at just how affordable solar has become.
The Cost of Solar Panels Is Dropping
Around the world, renewable energy systems are getting less expensive for a variety of reasons. Much of this has to do with the simultaneous rise in production capacity and system efficiency. The result is that the cost of solar has fallen over 20 percent over the past five years.
Solar panel prices will also remain less expensive through 2022 thanks to the extension of the renewable energy tax credit. Part of the 2020 $1.4 trillion federal spending package, the solar investment tax credit (ITC) was scheduled to be cut from 26% to 22% in 2021. However, it will now remain at 26% for two more years. There are also other tax incentives and rebates that can further reduce the cost of a solar panel system.
Arizona is considered to be one of the most optimal states to purchase a solar panel system.
How Does a Solar Panel System Size Impact the Cost of Solar?
One of the key ways to determine the return on investment of solar panels is to know the cost per watt. On average, electricity is currently calculated at approximately $2.50/watt in Arizona. The cost of installing solar for your home will depend on how much electricity you will need to generate. In other words, a larger system will cost more because you’ll require more panels and labor for them to be installed.
Other Factors Impacting the Cost of Solar Panel Installation
When you receive a quote for a solar panel system, it contains more than just solar panel prices. There’s other equipment required, as well as system design, site visits, permits, and installation. Typically, there’s also a fee to get your new solar panel system connected to the grid.
The specific characteristics of your home can also impact the cost of a system. Those that have south-facing roofs that slope at a 30-degree angle are ideal. However, accommodations can be made for nearly every type of roof.
Call Cool Blew Solar Today for a Free Quote
A solar panel system can help protect you from rising energy costs while also protecting the environment. At Cool Blew Solar, we’re here to help you determine if solar is the right choice for you, and to provide you with the options that make the most sense. Even if you’re not ready to make a decision, we’re here to answer your questions.
At Cool Blew Solar, we’re proud of our reputation of honesty and dependability. And we’re here for you.
Call today for a free quote at 1-623-234-2836.