Most people often disregard the idea of residential solar power because they think it’s unaffordable. While it’s true that premium solar panels, electrical equipment, and installation costs can be expensive, it’s not impossible to fit in your budget. 

The residential use of solar energy can give you significant savings that can pay off the amount you spent on installation. Think about it as an investment. After all, a functional solar power unit can increase your house’s market worth by up to 8%.

The average cost of residential solar panel installation

The exact cost of residential solar panel installation varies depending on location. First off, some states have a higher demand for solar power, which allows them to charge more. On the other hand, some have a vertical market. That’s why they sell their solar power equipment and services cheaper.

But as of this writing, the average cost of residential solar power installation ranges from $9,000 to $13,000. This is based on a 5-kilowatt system that can produce up to 23kWh usable energy every day. This cost covers the equipment and installation services combined.

In a more practical sense, a 5-kilowatt solar power system at $9,000 can power up to two average-sized refrigerators, one air conditioner with four horsepower, and a few lights to light up your home. 

Solar power tax deduction and other incentives

The best thing about solar panel use is that it’s already widely promoted worldwide. Some local governments even give tax incentives for people who have fully-functional solar power systems.

Federal taxes on solar power can help you reimburse the entire cost of your solar power installation by reductions on your annual income tax. Furthermore, some states even subsidize medium-scale solar power initiatives that can light up an entire neighborhood–provided that you won’t use it for profit.

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