Are Solar Panels Worth It In Pa

If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in.

Are solar panels worth it in pa.

As of sep 2020 the average cost of solar panels in pennsylvania is 2 38 per watt making a typical 6000 watt 6 kw solar system 10 558 after claiming the 26 federal solar tax credit now available. An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. In pennsylvania the average solar payback period is 10 66 years. Ironically the investment opportunity wasn t in investing in the manufacturers of solar panels.

This is lower than the average price of residential solar power systems across the united states which is currently 2 64 per. Solar panels have fallen in price by more than 80 in the last ten years. In 2020 they also remain subsidized by the 26 federal tax credit and the net metering law making them an excellent investment. Let s consider your average 5kw system which is about the average size of most consumer installations.

The initial cost of the solar power system is usually about 25 000. The value of solar incentives in pennsylvania is even greater when taking into account the recent extension of the federal investment tax credit itc for solar. A solar payback period is the amount of time it takes for property owners who install solar panels to recover their initial investment through electricity savings. Solar panel cost data pennsylvania 2020 updated.

How are you financing your solar panel system. Are solar panels worth it in pennsylvania. Based on the price of electricity in pennsylvania an average of 0 14 per kw and very low amounts of sun 11 less than average compared to other states solar power is 10 more cost effective than the rest of the nation. In addition to the state specific incentives and programs mentioned above you can reduce the cost of your solar panels system by 30 percent thanks to this great government program.

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. The tax break reduces. Overseas manufacturers such as china were dumping massive amounts of solar pv onto the market. This caused panel prices to plummet comparatively so while solar panels were worth it for the consumer the manufacturers struggled to make a profit.

Is solar worth it in pennsylvania. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.