It's 2018, Are Solar Panels Affordable Yet?

Once and a while, our ship comes in.  Is it Karma, is it hard work, or maybe it's just luck, but now and then, life gives you lemonade rather than lemons.  Many times this lemonade comes in the form of a great deal on a product we want to purchase.  In the world of solar panel purchasing, there is no better time than now to find that deal you've been waiting for, your ticket into the solar revolution.  

Having a solar energy system installed in your home is becoming increasingly more accessible for people of all socio-economic backgrounds. Regardless of your yearly income, there might be a solution for your solar needs.  Let's explore some ideas on how to take the savviest approach possible.  

How Affordable Are Solar Panels?

Market trends have shown us a dramatic decline in consumer solar prices over recent years.  Recent statistics developed from a collection of solar installers across the country have demonstrated that the typical customer pays $3.13 per watt for solar in some markets, that number was down from $3.86 per watt in 2014. Some states are even seeing average prices below $3.00, and nearing $2.00 in select counties.

Solar Costs Keep Declining

How will this solar market price decrease make life better for you? The cost of installation for an average 6 kilowatt (kW) system has decreased by $4,380 over the past few years for the average US consumer. One, of course, must consider local costs when taking all of this information into account. 

The Payback Period On A Solar System Is An Awesome Thing

When heading into a substantial purchase, especially one that can potentially return on its investment, it's good practice to forecast the point at which you can see that return.  This type of plan can be a strong incentive and also an excellent anxiety deflator as you head into a significant purchase for your home.  As promptly as your new solar panel system is powered on and creating energy, you will begin decreasing or omitting your electric bills. After a definite quantity of years, you will break even on your solar investment and will have preserved the amount of money you spent upfront on solar by decreasing your electric bills. This instance should be recognized as your payback period, and it is a compelling pointer of the financial advantage of installing solar.

Typically the payback period in the United States lands between 6 and 8 years. The duration of your payback period is contingent on variables such as upfront price and regional electricity rates. How does the metric show that solar is becoming more affordable? Generally, solar energy systems last 25 to 30 years. This thought suggests that after the payback period has is met; an average solar installation will earn you money for approximately 20 years. Take particular notice that when installing solar, it will end up being significantly a net positive when it comes to cash in hand. Instead of paying your utility for electricity, you will generate most or all of your home energy for free. Once the consumer meets the payback period, your system begins MAKING YOU MONEY! 

If you want to move into the future and join the solar revolution, or if you want to find out what solar panels are right for you, go to HahaSmart.com and try our price checker tool. You can see how much a system will cost, and how much you can save over the next 20 years. 

For more information relating to going solar, don't forget to visit our solar blog section for more handy guides and articles.