The costs of electricity and other forms of energy have risen from 2016, while the price of solar 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 stand-alone solar power systems to help anyone decide if it’s the right choice for them.

overhead costs

The cost associated with stand-alone solar power systems has been greatly reduced due to the declining price of photovoltaic panels. The cost of labor, as well as those associated with inspections, have also been reduced, but still represent the majority of the total cost.

Installations

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

• Hours of direct sunlight each day
• Whether it is a stand-alone or grid-connected solar power system
• The size of the system
• Local permit requirements

As of late, 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, which brings the average cost price to about $18,000. Of course, no two homes are the same when it comes to solar power needs, and a professional estimate will be more accurate.

Operation and maintenance cost

A stand-alone solar power system doesn’t need much maintenance other than regular annual inspections and flushes every few months. This can be accomplished by using a garden hose or by hiring a professional cleaner. In places where ice can form on the panels, further inspections may be necessary.

Other operational 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 total.

Life expectancy

Stand-alone 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 warranties on parts and labor as an added bonus. There is a separate warranty for the solar inverter depending on the brand.

incentives

Tax incentives and rebates greatly reduce the expense of switching to stand-alone solar power systems. The federal tax credit pays back 30% of the cost of the system. This may change in the future, but there will likely always be some form of credit as the country continues to encourage the growth of solar power. Many states also provide tax incentives, grants, rebates, and a variety of other programs to promote the use of solar energy. It seems that as 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 grid. The amount depends on the size of the system, how much is used and the current price from a local supplier. Most tend to save almost $100 per month.

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

Increase the value of a house

Solar energy has become a great asset for home buyers. Studies continue to show that stand-alone solar power systems add on average around 25k to the selling price of a home.

Is solar energy a good option?

The question remains whether it is worth the cost to install solar for the house in question. There are many factors that go into this decision. There are environmental and social values ​​that accompany these systems that help those seeking green energy use.

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