You could save thousands of dollars on this energy-efficient home upgrade — here's how.
The scoop
Solar panel prices are at an all-time low, and available tax credits can bring the cost down even further.
Thanks to increased manufacturing ability and advancements in solar technology over the past decade, solar panel prices have dropped drastically.
"An average-sized residential system has dropped from a pre-incentive price of $40,000 in 2010 to roughly $25,000 today," according to SEIA.
That price tag is before incentives — you could be eligible for deductions up to 30% of the cost of new panels under the Inflation Reduction Act. Unfortunately, these incentives may not be here to stay, so cash in on these savings before they disappear.
How it's working
If you're on the fence about making the switch to solar, EnergySage can help you decide. View its handy table to see how much solar costs in each state and the average 25-year energy savings, too.
Every house is different, and every homeowner will see different solar installation costs and annual savings. Certain factors, like the size of your home, the direction it faces, and the slant of your roof, can affect the energy production of your panels.
On the low end, a solar system in California costs around $14,000 after incentives. The solar-powered home will generate nearly $120,000 in savings over 25 years. That's nearly $5,000 saved each year.
On the higher end, homeowners in Alabama can expect to pay $30,000 post-incentives and save around $50,000 over 25 years.
🗣️ What is stopping you from upgrading to a heat pump system?
🔘 The cost of installation 💵
🔘 I live in a cold area 🥶
🔘 I don't know enough about it 🤷
🔘 I already have one 😎
🗳️ Click your choice to see results and speak your mind
If you're curious about just how much you'd pay and save with solar, simply enter your area code, and EnergySage will calculate the average cost of solar installation in your neighborhood. And if you're looking for a detailed breakdown, EnergySage will walk you through the calculations to find the exact cost.
What people are saying
Ryan Moya, who works at the National Housing Trust, is glad solar panels are becoming increasingly accessible.
"The IRA will expand many projects throughout the country and encourage folks who work in affordable multifamily housing to look at these opportunities because there is so much more flexibility and funding that's available now," Moya told Enterprise.
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