When you think about switching to solar power in Texas, you’re doing the right thing. The solar market in Texas is snowballing and many people are installing solar panels in their homes to save energy. According to recent studies, the price of a 5 kilowatt [kW] solar installation in the state of Texas is between $ 11,432 and $ 15,467. Taking into account tax credits and money saving considerations, this particular valuation could reduce considerably. If you want to know more about solar panels and things related to them, you can check them out at www.SmartEnergyManagement.net and get the information you are looking for.
Determinants that define value
Several factors help manage the cost of solar panels in Texas. To find out what they are, please take a look at the content below.
1. The size of the system
The first thing to do is to determine the size of the solar panels you want to install. You have to take into account the energy needs of your home and the electricity consumption that you want to cover by the solar panels. The majority of people want to meet 100% of all energy needs with the help of solar energy. This will allow them to terminate all electricity bills in the future. Households in the United States consume approximately 10,400 kWh [Kilowatt-hours] every year. So when you want to completely cover your home’s electricity needs, you will need around 28-34 250-watt solar panels.
2. The solar panel installation company
People across the country are now turning to solar power, and the state of Texas is no exception. You will come across many installers available in Texas. Installation quotes will vary from company to company, so you should check with your local businesses and obtain quotes for the region in which you reside. Some agencies will charge you a premium price to cover their use of world-class equipment. On the other hand, other businesses spend a lot more money and time on promotional products and advertising and pass that cost on to the consumer. Be sure to do your research before choosing a solar installation company.
3. The condition of the roof
The configuration and size of the roof play a critical role in determining the cost of solar panel installations. The slope of the roof and whether it is one or more levels are some of the things you need to consider. Apart from this, the condition of the roof is also important. If you have an old roof, it may need to be replaced as solar panels can last 20 to 25 years. You can easily bundle this expense with your solar project, which will help you qualify for discounts and incentives.
4. Solar equipment
When you want to harness solar power, you will need equipment, such as solar batteries, shelving, performance monitoring systems, inverters, and solar panels. Let’s learn a little more about such equipment.
- Solar panels: You will come across two types of solar panels, which are Polycrystallineand Monocrystalline. Both have similar functions, but only Monocrystallineoffers a modernized shape with a high efficiency grade.
- Shelving: The solar panels are not placed on the roof but are installed on the shelving system, which helps protect the roof from unwanted damage.
- Inverters: Since solar power is obtained through direct current, you will need an inverter to switch it to alternating current. Alternating current is something that the majority of Texas homes use.
- Solar batteries: The essential solar battery system for all homeowners. It helps store all solar energy and allows individuals to use it for their homes when sunlight is not available.
- Performance monitoring system: The PMS or performance monitoring system will allow you to accurately monitor the operation of the solar power system. This particular system will measure the amount of energy produced by the solar power system every hour and categorize all problems related to the solar system.
5. Solar financing options
When you pay for your solar power system up front, it will make you the owner of the solar panels. This is because owning these panels can provide you with many benefits, including increasing the value of the home. But if you don’t want to buy solar panels, you can opt for solar leases and loans or PPAs. Solar leases and solar loans will provide you with a down payment of $ 0 and monthly payments will be lower than your utility bills. You can repay the solar loan within 7 to 15 years. On the other hand, solar leases come with a repayment of 20 to 25 years.
6. Cost of installation
Solar panels have a reputation for being the most expensive part of the solar power system, and they are only about 34% of the cost. Overheads and labor values stand out as significant investments. When you do excellent research on your purchase, you will save hundreds and thousands of dollars when it comes to installation costs. Large companies already have a great reputation in the market and will charge a lot more and not worry much about competition from small businesses. These large scale businesses will also be for the additional overhead and widespread marketing.
7. Texas Solar Incentives, Rebates & Tax Credits
The Federal Tax Credit stands out as one of the biggest savings you can easily consider, as it is the most generous incentive available across the country. This particular tax credit will give you the ability to eliminate the amount you pay in taxes from 26% of the cost of solar power. For example, a $ 10,000 solar power system will qualify you for a $ 2,600 federal tax credit. This consideration will be reduced to 22% after 2022 and will be phased out by 2023. Although the state of Texas does not offer you any statewide incentive, as a resident you are free to take advantage. territorial considerations that will help you neutralize the expense.
Final words
Solar panels have become essential these days. Many homeowners install them to save energy, protect the environment, and increase the resale value of their home. Make sure you get in touch with a good company when deciding to install the panels and take a look at the price.
Interesting related article: “What is the typical cost of solar panels?” “