Are you thinking of going solar? You must take the tour of advanced sunshine technology to get the benefits of a rooftop power system. The option for solar power looks bright to the industries that have to scale down production or shut shop. Now, what is the cost of installing solar panels? Well, installing solar panel is quite affordable. There is now a significant reduction in the cost of rooftop solar during the recent years and people are getting solar panels for less. Price of household solar photovoltaic systems started dropping since 2009 and fell by about 30% from 2010 till 2013. The drop was from $32,000 for a 5-kilowatt system to below $23,000 prior to tax credits and other incentives.
§ Prices falling under $10,000 – Solar panel installation cost even go below $10,000. Homeowners can easily get the benefit of federal tax credit sending 30% back at tax time. More than 40 states in the US are having state tax incentives for the sake of homeowners as well as businesses. Many local governments are also offering added incentives such as exemption from property tax. You can get rebates from some states. In addition, you can get solar carve-outs in renewable electricity standards which provide the owner of solar system an opportunity for extra revenue. Price drop and the combination of incentive signify that an installed system can cost even below $10,000.
§ Reasons for falling cost – What is the reason for the fall in solar cost? Various factors are responsible for the price drop. Production of the global solar panel has grown from 24,000 Megawatts in 2010 to 40,000 Megawatts in 2013, leading to 67% increase. Moreover, the market prices have been lowered by some countries. Besides, there is a reduction in soft cost which is related to sales, local permitting and hook up to the local electricity grid. Many are associated with economies of scale. Having more system in a given area implies fixed cost or first-time cost from advertisement, local inspector introduction to rooftop solar, which can spread over a larger customer base. This signifies that in more than half of the United States, solar could be near grid parity point, where power from a system on a roof can cost the same as what you get from the electric utility.
§ Accessing solar with zero dollars down – One more way through which solar has become accessible is by virtue of innovative ownership structures, especially leases and agreement on power purchase. It is true that auto dealers and customers make the most of the leases. In recent years, they have taken the solar world by storm. In this arrangement, you may have to pay very less or nothing up front for getting solar on your roof. You may later pay on a monthly basis or pay for your solar electricity on the basis of what it produces.
Now, how could you get in on the fun? Take charge of your electricity bill and end up with making a great investment. Check out your solar incentive, talk to your neighbors about the terms and find out one of the best solar panel installation companies in your area to get the latest offerings.
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