Cost of Solar Panels
A lot of experts are promoting renewable energy to prevent the impending climate change that can have detrimental effects on the planet we live in. Homeowners and businesses have started to install solar panels in their homes to help prevent it.
How Much Do Solar Panels Cost in Arizona
The average installation cost of solar panels in Arizona comes at $13,950 for a 5kW system which is more than enough for an average household. This might be a big price to pay for a lot of homeowners and it might discourage a few from switching to renewable energy.
But the good news is that there’s a solar tax credit that deduces 26% of installation costs from your federal taxes. This can save you a lot of money in the long run. Eliminating the money saved from ITC, an average of 5kW system is only $10,323, saving you $3,627. Of course, this depends on the system size you plan to install in your homes.
On average, the cost per watt in Arizona is $2.79. A smaller home that needs less energy than the average household can survive at 3 kW, which is $8,370 before ITC and $6,194 after ITC savings. Businesses who need more energy can get a 10 kW system with $27,900 cost before ITC and $20,646 minus the ITC savings.
Do You Really Save Money With Solar Panels in Arizona?
You might wonder if paying for new solar panels can actually help you save more money in the long run. While it’s true that it has a huge upfront cost, you will still save a lot of money. But with the implementation of ITC, you can save a lot of money in your federal taxes. Not only that but you can also avoid paying utility rates that come with electricity bills.
There are also solar loans or solar leases that you can apply to in order to make it easier for you to switch to renewable energy. On average, it will take you more than 7 years to breakeven your renewable energy investment. In 20 years, y0u would have saved an average of $47,808 by using renewable energy. Of course, if you have cash available, purchasing the solar panels without loans or leases can maximize your savings for more.
Arizona Ranks Amongst the Top Solar Leaders In the USA
A lot of states in the USA are now making efforts to promote renewable energy to decrease the impact on global warming. One of the solar leaders in the USA is the state of Arizona that is consistently on the top ten of solar installations in the whole country.
Arizona is ninth in the top solar leaders in the year 2019 with a total of 190.86 megawatts installations in the whole country. In the first quarter of 2019, Arizona ranked third with a total of 52.83 megawatts of solar installations. This went down to 52.61 megawatts in the third quarter but the continuous efforts of the state are clearly encouraging a lot more people to use renewable energy.
Arizona ranked high in the amount of residential solar installations in Arizona with 39.68 megawatts installed in households. This just proves that both homeowners and businesses in Arizona are cooperating together in an effort to switch to using renewable energy.
It is without a doubt that Arizona’s climate is helping a lot in the decision of a lot of homeowners to switch to renewable energy. Arizona receives a lot of sunlight, especially in the summer. This is a huge advantage that Arizona has compared to other states where there is less sunlight.
People who are in the real estate business are also encouraged to switch to renewable energy. The cost of solar panels in Arizona is a small price to pay in exchange for a lifetime of monthly savings on energy. Since Arizona is one of the top solar leaders in the USA, more and more tenants are looking for apartments with solar panels installed.
If a lot more people are gonna switch to reusable energy, we can assure that the world will be a brighter place for our children. Not only does it help the environment by producing less waste and pollution, but it is also easier for the budget of a lot of households.
State efforts to encourage citizens to switch to renewable energy are also making it a lot easier than before for a lot of average households to invest in solar energy. With continuous cooperation, you will expect to see a notable difference in the future.
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