With each passing year, it seems there is more and more discussion about the benefits of sustainable energy. Solar power is that one type of green energy that many experts believe to be the most promising.

But how much does solar power cost? Is it worth it?

Keep reading to find out whether or not solar power is cost-effective.

What Benefits Does Solar Power Provide?

The biggest appeal of solar power is that it provides clean and renewable energy. As more homes switch to renewable energy and move away from coal, oil, and natural gas, the more the environment benefits.  

Solar power can also help you save money, regardless of where you live and what the climate is like. Although many people believe that cloudy days take away from the value of solar panels, the sun’s rays still shine through clouds and cover.

In some places, the sun can generate more electricity than your home needs, meaning that your electric bill can go down to $0.

How High Is Your Current Electric Bill?

If you’re wondering how much does solar power cost, you should first look at your monthly electric bills. Depending on where you live, you can pay 8 cents every kilowatt-hour (kWh). In other places, this may be 20 cents each kWh.

By installing solar panels, you are putting a small power plant onto your roof. This means that you no longer need to rely exclusively on your town power plant. If the rates in your town are high, you could save a lot of money.

What Are Solar Power Costs?

As with any product or service, the rates you see are dependent on location, quantity, and the company you work with. 

If you’re just tapping into the solar market, you may be tempted to opt into buying cheaper, lower-quality panels. But when investing in green energy, it’s important to think about the long-term. Choosing higher-quality panels may cost more initially, but the price will ensure that they’re working without a problem 20 years later.

Keep in mind that as the market grows, the cost continues to decrease. In the last decade, solar panel costs have decreased by 70%.

How Will You Finance It?

When looking at buying solar panels, you may qualify for federal rebates and incentives. In some cases, this can cover 50% of the cost. Many states also offer incentives for going solar. 

Aside from government assistance, many companies such as Loan Pal also offer financing options to help you cover the cost. This is another rapidly growing market. In 2019, the solar loan market saw a growth of over 40%.

Options such as these help to offset the initial cost, letting you enjoy lower prices and longterm savings.

Solar Power Is a Worthwhile Investment

If you wondering how much does solar power cost, know that depends on a variety of factors. But you should also realize that while the initial cost might seem steep, you’ll be saving money over time and helping the environment.

Is solar power cost-effective? Leave a comment below!

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