How to Lower the Cost of Solar Panels

How to Lower the Cost of Solar Panels

You want to install solar panels on your home or business, but you are worried about expense.  Generally speaking, the upfront cost of solar power can be daunting.  Yet there are a number of ways to lower the cost of solar panels.

Oh sure, the basic advice for consumers applies:  shop around, compare prices, ask the Better Business Bureau, read reviews and consumer reports.  But there are additional ways to reduce your solar panels’ cost.  And just think – once you pay for and install solar panels, your electricity is virtually cost free into the future.  Not to mention the fact that converting to renewable energy will increase the value of your property by $20 for every $1 saved in utility bills annually.

So here’s how to lower the cost of solar panels!

Solar panel professionals can help you determine how to lower the cost

1.  Determine the amount of electricity you currently use and then estimate the size of solar panel system you’ll need.  If you can reduce your energy consumption through use of LED or compact florescent bulbs, unplugging appliances, shutting down computers, etc., you may not need as many panels as you originally estimate.

2.  Take advantage of generous federal and state tax incentives and rebates.  Combined, these programs may help you save up to 80% of the retail cost of panels.  A qualified solar panel installer or salesperson should be able to walk you through all applicable programs, depending on your location.

3.  Determine if your local municipality is offering any type of solar program.  For example, earlier this year, residents of Palm Desert, California stood in line to apply for the City’s Solar Energy Loan Program.  Solar loans financed by the City allow residents within the district to pay back the loans through an increase in property taxes over time.

4.  Ask for a group discount.  Pull your neighbors together and use the resources of organizations like One Block Off the Grid.  This website offers organizational tools for you and your neighbors to obtain solar energy group discounts, and provides lots of information to help you research providers, compare costs and read reviews.

5.  Consider do-it-yourself.  Solar Panel kits are often less expensive than buying each individual component.  If you do your own installation, you could save even more (tip: many retailers will install for free, however).  For the extreme home-improvement person, there are even videos that claim you can build your own solar panels in a single weekend for less than $200.

If you have accomplished this feat, then by all means, share your story in the comments below!

6.  Pay over time.  There are so many ways you can finance solar panels, we discussed the various options in two separate posts.  From leasing the panels, to entering a purchase power agreement (you pay your utility bill to the owner of the panels), spreading the cost out over a number of months or years can help reduce the hit some people take when they install solar panels.

Don’t allow yourself to be intimidated by the sticker price of solar panels.  Using one or several of these tips, you can lower the cost to a much more manageable level!

Tags: cost of solar panels, finance solar panels, install solar panels, lower cost, solar energy, solar panels cost, solar power