There’s no doubt about it, the initial costs of going solar can be overwhelming, but it’s probably more affordable than you think.
One of the most common questions we are asked from homeowners interested in solar energy is, “How much will it cost to go solar?” Unfortunately, we can’t give you an exact estimate until we can assess your home and your needs, but we can help you understand the average costs of going solar in Texas.
In Texas, the average cost of solar energy is $2.80 per watt. And, since the typical solar energy system in the United States is five kilowatts — or 5,000 watts — the average system will cost around $14,450. But, it’s important to keep in mind that there are a lot of ways that you can save more on solar energy in Texas. In fact, you can check out our previous blog to learn all about the available tax credit, incentives and rebates that can help you save big on your investment.
When it comes to solar energy, the benefits far outweigh the costs.
The initial cost of going solar can seem overwhelming. After all, who really has an extra $14,000 lying around? However, with the many ways to save on solar energy, as well as the ongoing benefits that you’ll enjoy, the costs are more than worth it. Here are a few of the benefits of installing a solar energy system on your home:
#1. You’ll save energy every month.
The biggest reason to install a solar energy system is that it can help you save big on your energy bills every month. Exactly how much money you’ll save will depend on a number of factors. However, if you install a five-kilowatt system, you could save an average of $14,221 over the course of a 20-year period. That means that, based on energy savings alone, you could expect your entire solar energy system to pay for itself in as little as 20 years.
#2. You’ll be insulated from rising energy costs.
The price of coal, gasoline and other fuels changes frequently. Over the past decade, on average, the cost of electricity has gone up by 2.2 percent every year. And, while that 2.2 percent may not make or break your budget, it’s an added cost that you won’t have to worry about with solar energy. When you have a solar energy system, you can enjoy the peace of mind in knowing exactly what your rates will be.
#3. You’ll add value to your home.
One of the biggest ways to recoup your investment in solar energy is with the value that it adds to your home. Most renovations and upgrades will add some sort of value to your home, but solar panels come with a huge return on investment, which makes them an ideal upgrade. On average, a five-kilowatt system can add $29,555 in retail value to a medium-sized home in the United States. In addition to adding value to your home, installing a solar energy system could also help you sell your home a lot faster. Studies have shown that homes with solar panels sell an average of 20 percent faster than homes that don’t.
How soon can you expect to pay off your system?
Again, how quickly your system pays for itself will depend on a number of factors, including what incentives you took advantage of, if you need to use excess energy, how much sun your home gets, etc., but on average, it takes five to 10 years to pay off a solar energy system — which is the quickest turn around time to date.
If you’ve been thinking about making the switch to solar energy, but you just aren’t sure if the benefits are worth the costs, please contact us at Apex Home Energy Savings. We’ll be happy to help you understand the costs and benefits as they apply to your home and energy needs.