Are Solar Panels Worth It In California

Lots of sun high electricity prices great support from state government and plenty of options for solar panel financing.

Are solar panels worth it in california.

While solar leases and power purchase. February 3 2020 according to the department of energy nrel the average cost for a 5kw residential solar installation is more than 16 000. A solar panel system will pay for itself in seven years and one month in california and is warranted for 25 years. This is higher than the average price of residential solar power systems across the united states which is currently 2 53 per watt.

This national estimate is even higher in california due to our state s more expensive installation and labor costs. As of sep 2020 the average cost of solar panels in california is 2 68 per watt making a typical 6000 watt 6 kw solar system 11 877 after claiming the 26 federal solar tax credit now available. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. You have almost an 18 year margin of safety to get your money back.

Cash buying your solar electric system outright is best. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands. If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in place. As of september 2020 the average solar panel cost in california is 2 99 w.

Given a solar panel system size of 5 kilowatts kw an average solar installation in california ranges in cost from 12 708 to 17 192 with the average gross price for solar in california coming in at 14 950. Other areas like washington d c new jersey and massachusetts have various forms of performance based incentives where you can receive extra. If the system requires repairs or maintenance you will have saved enough from lower electricity bills to cover these costs. It usually costs 15 000 to 20 000 after tax credits and can reduce your electricity bill by 70 to 100 percent depending on the size and.

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. The state has just the right mix of factors that make solar work for the average home. How are you financing your solar panel system.