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What Are The Costs Of Going Solar

Solar Panel Installations can cost less than half of what your 20 year utility bill for 40 years of electricity. It's important to note before going solar whether it's right for your area. Light exposure and your current power usage are things to consider while evaluating whether solar is right now for you. The #1 thing to factor in is the incentives that homeowners get when making the decision to go solar. In New Jersey, the average nationwide energy cost is about 18 cents per kilowatt-hour, according to data from the U.S. Energy Information Administration. Going solar obviously offsets this cost in the long run.

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How Long Do Solar Panels Last?

Another thing to consider is the average life of a solar panel and its cells. On average, a good solar panel like the ones we install at Walker Power can last up to 35 - 40 years. Weighing those numbers in, we find that cost of 30 years of electric bills runs about $35,000. Saving people on average $10,000 - $20,000 dollars in total. This does not factor in the statewide and federal incentives people are given for going solar.

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The State and Federal Incentives

Right now is the best time to go solar. In 2024 incentives will end federally and in most states. Right now homeowners who go solar receive tax exceptions, energy credits, and cash rebates.

"The residential federal solar tax credit gives you a dollar-for-dollar reduction against your federal income tax equal to 26% of the final cost of solar energy systems you install on your home." In 2024, the tax credit for residential solar ends.

Some states even offer cash rebates for residential homeowners between 10% - 20% of the cost. Owners can even build up credits for every 1,000 kilowatt-hours used from their solar panels.

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Learn how you can save $500 on your next installation

July 4th Special all month long: Get $500 for you or a friend.

GET YOUR FREE ESTIMATE.

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Let us help you come into the future with solar and make sure you get the government to pay for it. You have nothing to lose and everything to gain by getting your free estimate. Solar isn’t for everyone and maybe it’s not for you but you won’t know unless you see what WE can do. Or you can wait until the government ends the benefits and mandates them. Most of our customers are referrals because When you solar with Walker Power you solar with Family! Join the family with a company that will treat you like family.