Solar energy continues to be a promising alternative energy source for many businesses and homes throughout New England. And with the turn of the decade just around the corner, many property owners may be considering adding solar panels to their properties in 2020. Solar provides many benefits beyond simply just the environmental benefit. Solar has always been a long-term investment that lowers energy costs, raises property value, and positively impacts the environment. If you are considering solar for 2020 here are a few facts to think about.
The Cost Of Installing Rooftop Solar Panels Is Much Lower
Just a decade ago in 2010, it cost on average $7.00 per watt to install solar panels on a rooftop. This means that an average home would need to spend upwards of $50,000 dollars. Now, in 2019 prices have more than halved. The same 50,000 dollar installation is now closer to 20,000 dollars. This large decrease in pricing has come mainly from the solar panels themselves. And electricians that install solar panels have also lowered costs as they have been able to streamline the process of installation. So far in America, almost 70 gigawatts of solar panels have been installed around the country, and in the next 5 years, that number is expected to double.
System Size Influences Price
Size is the largest factor in what determines the cost of installing solar panels. This means that a small installation can cost just over 10,000 dollars while larger installations can cost up to 40,000 dollars. The more energy your house or business uses, the larger your system will need to be to accommodate that need. Simple energy-efficient practices like updating your building’s wiring, getting LED lights, and weatherstripping around your home can greatly decrease the electricity you need year-round.
Solar is a 5-15 Year Long Investment
Solar panels are still not inexpensive. Although the prices continue to fall, the panels continue to improve, and more electricians are familiar with installation practices, solar continues to be an investment that will not pay off immediately. Generally, even with the lowest costs, the average homeowner or business owner will not recoup the costs of installation until at least 2025 if they install this upcoming year. Depending on costs and usage it can take up to 15 years for the investment to start making money.
There Are Scalable Options
Not every business or homeowner that has installed solar panels relies completely on solar energy. Some property owners only get enough panels to cover 50%-70% of their yearly energy needs. This means that they would still spend some money on traditional energy bills, but a majority of their energy would be taken care of by clean solar energy. Although it is the ideal situation to fully power your home with solar energy, due to the upfront costs, it may be easier to start with a smaller installation.
Contact Cardoso Electrical Services To Learn More
Questions about solar panels or other green energy installations? We would be happy to help breakdown costs and return on investment with you. Give us a call or contact us online to learn more.