Solar panels on your home offer a once-in-a-lifetime opportunity to earn while doing good. More than 2 million homeowners have already ventured into residential solar projects. More than 60,000 people requested bids for residential solar systems, the most significant number ever. 

On the other hand, solar’s economics can vary dramatically based on where you reside, your utility provider, and how much energy your home consumes. 

Solar Project Cost

After taking advantage of the federal solar tax credit of 26%, the typical household solar panel installation costs between $13,098 and $16,872 (more about that below), this equates to a charge per watt installed of less than $3.00, which is more than 70% less than the cost of solar just ten years ago! 

Electricity Production

While the average price is intriguing, your home is unlikely to be typical. You want to know how much it will cost to install solar panels on your home, given its location and power use, and what savings and payback period you can expect. 

Investment Capital

Installing a solar panel system on your home might now provide a greater return than traditional investments such as land or stocks in some places. However, this isn’t true in every circumstance. The following residential solar calculator can assist you in determining if solar panels are appropriate for your house and provide you with local information on prices, savings, tax credits, and other local incentives. 

Return of Investment

Solar panels do save you money. In many cases, panels can save more than $50,000 throughout their lives. After four to eight years, your solar panels should pay for themselves. After that, for the next 25-30 years, your savings will provide you with 100% free power!

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