Solar panels are an excellent investment for many homeowners but aren't right for everyone. You'll get the most out of this guide if you first understand your suitability for solar. Remember that your costs and savings will ultimately depend on several factors, including where you live, how much you spend on electricity, and your home setup. Solar is a long-term investment – shoppers on the EnergySage Marketplace typically break even in about eight years. This is a hefty price tag, but when you consider how much you otherwise would've spent on electricity, it's easy to understand why millions of homeowners have gone solar. In 2023, a 10 kW solar panel system costs $21,070 upfront including installation costs and the federal solar tax credit (more on that later). Most households need a 10 kW system to fully cover their electricity usage. You can easily lower (and sometimes even eliminate) these costs by installing a rooftop solar panel system. Over 25 years, that adds up to $52,800 (assuming 2.45% annual inflation). ![]() household spends about $1,697 annually on electricity, according to electricity cost and consumption data from the Energy Information Administration (EIA).
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