Do Solar Panels Really Save Money?
These days, solar power is fast becoming a go-to renewable energy solution for homeowners. It offers a reliable, environmentally friendly way for them to cut their energy bills and reduce their reliance on California’s sometimes shaky electricity grid. However, one of the biggest remaining problems with residential solar power is the cost associated with installing it. That makes it difficult for many homeowners to figure out if solar power will, in fact, benefit their budget. To answer that, here’s everything you need to know to decide if solar panels will save you money. The Cost of Solar To discuss the subject of saving money with solar panels, there’s no avoiding discussing their cost. Here in Modesto, the average residential solar system provides 5kW of power for an average installation cost of approximately $14,850. That’s a substantial investment for the average homeowner. However, there is a bright side. The first bit of good news is that the average cost of installing solar panels has remained in decline for over a decade. This means that installing solar panels gets cheaper every year. Plus, the recently-passed federal Inflation Reduction Act extended and expanded tax credits meant to defray the cost of installation for...
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