Determining the Cost of Going Solar at Home: 5 Important Factors
If you’ve been thinking about getting a solar system put into your house but you’re not sure if it’s a worthwhile investment, trust us when we say that it’s one of the best things that you could do for your budget as well as the environment.
For one thing, going solar will drastically reduce your monthly energy costs. Also, being that it gets its power from the sun, you don’t have to worry about putting greenhouse gases into the atmosphere. Plus, being that we have many (many) years to go before we ever have to worry about the sun burning out, with solar energy, you don’t have to concern yourself with the possibility of experiencing a power outage.
If all of this sounds really appealing to you, but you’d like to get some information on how you can go about determining what it will ultimately cost you to have a solar system in your home, we’ve provided you a list of five important factors to consider below:
Budget wisely for a solar system. According to many solar power experts, the cost of installing a 5 kW solar power system into your home is between $25,000-30,000. Yes, that sounds pretty steep but when you think about the fact that it can help you to pay next to nothing on your annual energy bills, it all balances out. There are few of us who are able to pay that amount outright, so our recommendation is that you put a big down cash down payment and then set up a payment plan. That’s better than taking out a loan or (worse) relying on your credit cards to pay for it.
Figure out your utility usage. Now remember, we gave you a price based upon a certain type of solar system. If you’d like to get a better estimation of what yours would cost, there actually is a pretty reliable formula. The first thing that you need to do is divide the kilowatt-hours on your month’s average bills by 30. Then divide that number by 5 and multiply it by 1.43. If you then multiply that total by $9,000, it will actually give you a pretty good idea of how much your solar system will cost.
Look into all of the tax rebates that are offered. The federal government is always excited about people doing what they can in order to preserve the environment. That’s why they offer tax rebates to those who have solar systems installed into their house. To read about how much you would be eligible for, go to IRS.gov and put “solar tax incentives” in the search field.
Do some home repairs to save even more money. If you were to talk to someone who works at a company like Renogy about something else that you should consider when it comes to the cost that comes with living off the grid, a tip that they might share with you is that you can actually save even more money by doing a few energy efficient upgrades. This would include putting in 12″ of insulation, installing some energy efficient appliances and sealing up your doors and windows. Just these few things alone can reduce your energy costs by 20-40 percent.
Know what ongoing savings you will get. As you can see, there are a lot of factors to consider when you decide to go solar at your house. But being that many reports indicate that it can save you as much as 75 percent on our annual costs, whatever you have to pay upfront to “go solar”, it’s well worth the investment. For more information on companies that install solar systems into homes, go to Solar Power World Online and put “top solar contractors” in the search field.