Are Solar Panels Worth It In California

You have almost an 18 year margin of safety to get your money back.

Are solar panels worth it in california.

A solar panel system will pay for itself in seven years and one month in california and is warranted for 25 years. 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. Other areas like washington d c new jersey and massachusetts have various forms of performance based incentives where you can receive extra. Are solar panels worth the investment in california.

This national estimate is even higher in california due to our state s more expensive installation and labor costs. The state has just the right mix of factors that make solar work for the average home. Lots of sun high electricity prices great support from state government and plenty of options for solar panel financing. How are you financing your solar panel system.

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. 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. This is higher than the average price of residential solar power systems across the united states which is currently 2 53 per watt. 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.

Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. 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. Cash buying your solar electric system outright is best. If the system requires repairs or maintenance you will have saved enough from lower electricity bills to cover these costs.

As of september 2020 the average solar panel cost in california is 2 99 w. February 3 2020 according to the department of energy nrel the average cost for a 5kw residential solar installation is more than 16 000. It is also worth noting that many states including california and colorado have low income solar rebates that can help you get a solar system if you have lower than average income for your area.