More homeowners are concerned about the future of the climate. This concern is great news for the solar panels industry, which is expected to reach more than $223 billion by 2026.
Going green is great, but is it too expensive? Cost is one of the primary reasons preventing people from fully embracing a sustainable lifestyle. It’s similar to the problem of organic food; it’s healthier for your body, but not so much for your wallet.
Before embarking on solar panel installation, calculate your costs first.
Preparation is essential, and you don’t want to burn through your budget before the project is finished. Furthermore, planning may help you score grants, loans, and other ways to save money on installation.
Are you ready to finally go green? Start with this quick guide to installation costs!
Average Solar Panel Installation Cost
There isn’t the same flat rate for solar panel installation across the country. Rates vary and depend on a number of factors, including home size, energy needs, state requirements, services offered, quality, and more.
Despite several price variables, a bit of Google research does yield a few average prices. Depending on the project’s size and scope, homeowners can pay anywhere from $10,000 to $15,000 after subtracting available solar tax credits.
Along with tax credits, you may be eligible for home improvement grants in your city. If not, home improvement loans are also available to cover installation costs.
While helpful, don’t depend entirely on average costs to calculate your total installation costs.
Every project, location, and installation company is different. Some areas may be cheaper (or more expensive) than others. For example, solar panel installation rates in Texas run lower than prices in California.
How to Pay for Solar Panels
Solar panels are expensive, like other major home improvement projects. Business owners also pay a hefty price for going green. Luckily, there are ways to get out of paying full price.
Start with available grants from the Federal government. Different government agencies offer solar grants to incentivize the move toward solar power. There are a lot of great opportunities for business owners, real estate developers, and landlords here.
Look into Green Retrofit grants from the Department of Housing and Urban Development, more commonly known as “HUD.” These grants are good for property owners in low-income areas.
HUD loans are also available to homeowners who want to install solar panels. Under the PowerSaver program, homeowners can borrow up to $25,000 for home improvement projects. Homeowners with lower credit scores can still apply for private loans with higher interest rates.
The Department of Agriculture offers REAP grants to farmers to encourage sustainable farming practices. These grants help cut down on fossil fuels, but farmers also enjoy greater efficiency on the farm.
Discover the Power of the Sun
Are you ready to embrace a more eco-friendly lifestyle at your home or business? Start with this quick guide to solar panel installation costs.
There are many price factors to consider. Take your time to find the perfect installation company for your goals.
Don’t forget to get the latest home improvement hacks for your next project. Head over to the blog to get started!