The Residential Solar Power Costs

The Residential Solar Power Costs

by

Robert L. Hogan

Homeowners are paying thousands of dollars in energy costs every year. The rates continue to rise, and it’s quite safe to assume that they won’t be lowered anytime soon. If they rise perhaps 5% every year, they will double in about 14 years. If you are paying $3,000 a year now for the energy for a medium sized home, you’ll be paying $6,000 a year in 2023. Perhaps more, perhaps less, but that is a general estimate.

Cost of living goes up, and times won’t necessarily get any easier. However, you can buck the trend and purchase residential solar power panels for your home. With a variety of panels, you can meet your home’s electrical, heating, and cooling needs, and residential solar power costs will seem cheap in comparison to using the power grid.

Thermal and Electrical Panels

Residential solar power costs are a fraction the cost of the power grid these days. The average home can become power grid independent with a solar power system that costs anywhere from $25,000 to $75,000. The cost is entirely dependent upon the electric output. However, this cost is artificially high as the government offers tax credits. On a $75,000 system, a homeowner could receive tax credits of $35,000, effectively lowering the price down to $40,000 – certainly still expensive, but these true residential solar power costs are much easier to stomach.

Over time, the savings will get racked up. If energy costs stayed the same for the $40,000 system, it would take about 13 years to pay for itself. With rising energy costs, it will actually take closer to about 9-10 years. After that, the savings will increase with the rates, so you’ll be saving even more every single year. Some folks spend up to $10,000 a year in energy for their vehicles and their homes, but residential solar power costs are low enough now that by purchasing sufficient solar power systems, they can cut their dependence on the power grid to nothing.

Another avenue to save money is to purchase a solar power heating system. Solar energy heats up the panels, and that heat energy is transferred into the house to not only provide heating to rooms and the water heater but also to cool rooms as well. Combined with conservation upgrades to the home, low residential solar power costs are spurring the green markets forward. The old days of using coal, oil, natural gas, and nuclear fuel to power society are over.

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