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The costs of electricity and other forms of energy are increasing as of 2016, while the price of solar energy and panels are falling, causing many homeowners to consider making the switch. However, many homeowners wonder if the long-term savings are worth it.

Consider the following information regarding the cost, efficiency, tax incentives, and more that are associated with installing freestanding solar power systems to help anyone decide if it is the right option for them.

General costs

The cost associated with standalone solar power systems has been greatly reduced due to the decrease in the price of photovoltaic panels. Labor costs, as well as those associated with inspections, have also come down, but continue to account for the majority of the total cost.

Installation

The installation cost has been reduced by more than 50% since 2008, making it much more affordable for homeowners. However, it remains to be seen whether a self-contained solar power system is practical for everyone. Some of the considerations include:

• Hours of direct sunlight every day

• If it is an independent solar energy system or connected to the grid

• The size of the system

• Local permit requirements

Lately, the average cost of a home solar system is around $ 3.74 per watt, depending on the brand used. The average home system is around 5 kilowatts, making the average cost price around $ 18,000. Of course, no two homes are the same when it comes to solar needs, and a professional estimate will be more accurate.

Cost to operate and maintain

A freestanding solar power system doesn’t need a lot of maintenance, aside from regular annual inspections and washes every few months. This can be accomplished by using a garden hose or by hiring a professional cleaner. In locations where ice can form on the panels, further inspections may be necessary.

Other operating costs can be insurance and performance monitoring, which is often done from a remote location, depending on the contractor. The solar inverter sometimes needs to be replaced at some point. Expect operating costs to range from $ 4,000 to $ 9,000 in total.

Life expectancy

Self-contained solar power systems will last up to 30 years and are typically warranted and guaranteed to operate at near full efficiency for 10 years, and around 80% for 25 years. Many companies also offer parts and labor warranties as an added bonus. There is a separate warranty for the solar inverter that depends on the brand.

Incentives

Tax incentives and rebates greatly reduce the expense of switching to standalone solar power systems. The federal tax credit returns 30% of the cost of the system. This may change in the future, but there will likely always be a credit of some kind as the country continues to foster the growth of solar energy. Many states also offer tax incentives, grants, rebates, and a variety of other programs to promote the use of solar energy. It seems that since the cost of PV systems is going down, so are the associated incentives.

Energy savings

Expect bills to plummet even if the system is connected to the network. The amount depends on the size of the system, how much is used, and the current price from a local provider. Most tend to save almost $ 100 per month.

Solar panels generate a lot of heat on a sunny winter day just like they do on a sunny summer day because they use light, not heat. The only thing that can reduce production is a large layer of snow on the panels, which is avoided with a quick sweep.

Increase the value of a home

Solar energy has become a great asset for home buyers. Studies continue to show that freestanding solar power systems add on average around 25k to a home’s sales price.

Is solar energy a good option?

The question remains whether the installation of solar energy is worth the cost of the house in question. There are many factors that come into play with this decision. There are environmental and social values ​​that accompany these systems that help those seeking to use green energy.

A solar calculator is a great tool to get an idea of ​​how much it will cost to invest in a standalone solar power system. It will give a ballpark figure if solar energy is a smart investment.

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