Something that we here at Shine Solar take very seriously is customer satisfaction. And we don’t just mean ensuring the satisfaction of our customers who have transitioned to solar energy. We also want to provide requested information to those who have not transitioned to solar energy. Maybe you’re thinking about solar for your home. Perhaps you just want to learn more about renewable energy. You may simply have doubts about solar affordability.
Whatever your motivation might be, answering your questions and addressing your concerns are two things of utmost importance to us. One thing we keep hearing, again and again, is that solar can’t possibly be an affordable option. People simply don’t believe that an affordable option for energy ownership exists. We’re used to having an electric bill to pay, after all. Paying higher rates year after year has become a habit.
This week’s blog, then, focuses on the reality of solar affordability. The following 10 fun facts demonstrate where we are versus where we were. And we’ve got to admit it’s getting better…it’s getting better all the time!
Reading this list may not convince you to go solar, but hopefully it will arm you with concrete information. Knowledge is power, after all!
10 Facts About Solar Affordability
The cost of solar panels has dropped by 80% since 2008, and it is expected to keep falling.
Plummeting solar costs and rising electric costs means homeowners in the U.S. hit break-even points with solar in as little as three years. In 2017, most homeowners are seeing payback periods between five and eight years and 20-year savings estimates upwards of $20,000.
Solar cells are priced per watt. In 1977, solar cells were unaffordable for most to purchase and install—costing around $77 per watt!
Solar installation often ranges from $2.87 to $3.85 per watt (though $3.00 is becoming the norm!). The entire installation package cost for a 5kw system averages around $17,000, but if you apply tax credits, the total installation will probably sit between $10,045 and $13,475.
Solar power itself is a free source of energy. Once you’ve installed photovoltaic (PV) panels on your home, maintenance is minimal and returns are high.
You don’t have to buy your solar panels outright; you can also finance them. This makes solar power more affordable for everyone.
Many states (including Missouri and Arkansas!) allow you to sell back the excess solar energy you produce at wholesale rates, meaning you can not only earn back the cost of your panels but also make a profit on energy in the long run.
When you buy solar panels, you’re eligible for a 30% federal government tax break—you could get thousands of dollars back on your taxes and offset the initial cost.
The truth is, solar is an affordable option for countless millions of people. And the best news? If solar isn’t a viable option for you, we will be the first to tell you. Call us for a free analysis, and see if you’re a candidate for energy freedom!