The demand for residential solar panel projects is significantly increasing every year. Because of this, entrepreneurs are already investing in solar panel installation services.

While some of these service providers can give you the exact solar project you need, some could be just a waste of money. To avoid this, here are some things you have to know before investing in residential solar projects.

How expensive are residential solar panel projects?

The overall cost of residential solar projects depends on the energy you’re planning to produce. The bigger the energy production, the more solar panels you need, and the more expensive the installation process is.

As of this writing, the standard residential solar panel project that can produce 600 watts per hour is priced at $21,000. This includes purchasing solar panels, the materials for roof installation, electrical wirings, and pretty much everything you need to get a fully-functional residential solar panel project.

Fortunately, various states already offer tax incentives for homeowners who use solar panel projects. You can get a significant amount of deduction in your annual income tax, which will serve as a refund for your solar project.

What is the ROI of residential solar panel projects?

According to researchers, adequately installed and fully-functional residential solar panel projects generate 20% of ROI in the first year. This means you can save on your electricity bills by up to $4200 in the first year of using your solar panel project.

It’s important to know that while solar panel projects may be expensive, most of them last a long time. A standard solar panel can last up to 25 years while maintaining more than an 89% efficiency rate.

Aside from this, your ROI can even speed up due to the continuously increasing amount of traditional electricity. A fully-functional residential solar panel project can also increase a property’s market value by 8%.

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