Easy Ways to Lower the Cost of Solar Panels

Go solar and save money!

Want to switch to solar energy, but worried about the high cost? You are not alone.

Many homeowners consider the benefits of solar power, including lower electricity bills, guarding against utility rate hikes, reliability in the case of power outages and more. But, with the average residential PV solar panel array system costing at least $15,000, the price is often a deterrent.

There’s plenty of good news to consider, however. Solar panel prices have dropped by more than 50% in the last few years, and a trio of federal, state and often local incentives can further cut the price from 30%-80%.

Here’s five easy ways to lower the cost of solar panels for your home or small business:

1. Do an energy audit first. Figure out how much electricity you are already using and where you can save electricity. Wash your laundry in cold. Update to Energy Star appliances. Turn off and unplug items before you leave. Adjust your thermostat for overnight and during the day when no one is home. If you use less electricity, you may not need as many solar panels as you might think!

2. Assess the slope and direction of your roof and clear vegetation away. Solar panels are much less efficient when they are shaded, even if only a little bit. Make sure that you have a south-facing roof slope at an angle that can maximize absorption of UV light. Many solar panel companies will come to your property to do this assessment for free.

3. Consider negotiating a group discount. There are companies like One Block Off the Grid (1BOG) that work with solar panel manufacturers to get cheaper solar arrays when more than one person in your neighborhood or city joins you in going solar. You don’t have to personally know the other people, or ask them yourself. Simply go to the website, type in your zip code and you’ll be connected with other people in your region with whom you might benefit in scoring a discount rate on solar panels.

4. Maximize solar incentives. Between rebates and tax credits, the government would love to see us switching to renewable energy. Research the incentives in your state first – some have new programs, but in other states, solar funds are running out. Many solar installers and manufacturers will help you prepare the paperwork as part of the cost of their services. But when it comes to solar tax credits, talk to a CPA.

Save money on your solar panels

5. Lease solar panels instead of purchasing them. A solar panel lease is quickly becoming one of the easiest ways to go solar with little or no money down. The manufacturer installs, owns, maintains and often insures the panels. You pay a monthly fee – less than your current electricity bill – and enjoy the benefits of solar power, including fixed cost for power over the term of the lease (usually 15-25 years). Solar leases are also usually transferable if you sell your property. As with any legal document, be sure to carefully review its terms before signing!

Now that you know these easy ways to lower the cost of solar panels, why not start taking steps to make the switch?

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