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When it comes to building sustainable homes in Maryland and Virginia, most homeowners ask us, are solar panels worth the costs? To answer this question, we’ve done this cost-benefit analysis of solar panels in American homes.
The quickest answer is solar energy is worth it. In fact, solar panels are one of the most important features of energy-efficient homes. Let’s understand how:
Costs of Installation and Maintenance of Solar Panels
Cost of Solar Panel Installation
The average cost to install solar panels in the USA is $12,000 after federal tax incentives.
- Low-end (Small system): $5,000
- High-end (Tier 1 solar panel): $40,000 or more
Cost of Solar Panel Maintenance
The average range of solar panel maintenance costs in the USA is $300-$700. This includes the cost of solar panel cleaning and inspection.
- Low-end: $150
- High-end: $1,000
Savings/Benefits of Solar Panels
Besides costs, there are some other factors that make the value solar panels can have for homeowners. These include:
Federal Tax Incentives and Rebates
Federal solar tax credits cover everything involved in solar panel installation. It directly applies to your federal income tax, reducing the tax amount you owe. For example, homeowners with Maryland green homes that install a new residential solar power system may get a $1,000 rebate. All of these cover some portion of investment in your solar panel system.
Saving Energy Costs
With solar panels, you save money in two ways. First, the cost of monthly payment for solar panels is lower than your electricity bill. Second, after you’ve paid for solar panels, you get electricity almost free of cost.
Increase your Home’s Resale Value
Homeowners in Maryland can see an increase in the value of their house by 3.8% (as of 2019) after installing solar panels. In some states like New York, Pennsylvania, and New Jersey, you can expect to see a higher increase in value.
Note: This doesn’t apply if you lease your solar panel.
Protect the Environment
Installing solar panels is a small step with a big difference to you and your future generation. Its environmental benefits outweigh any cost. Renewable energy sources, like solar and wind, can help reduce global warming, making the earth a clean and safe planet for human beings.
