Understand the economics of going solar
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The quick answer is $1,000 per panel. This is a turn-key price that includes the design, permitting, hardware, installation, warranty and monitoring of your solar array. This price does not include incentives, which are accounted for in the Net Cost.
Each property is unique and factors that may increase the price of a solar install are:
- Higher efficiency panels;
- Additional electrical and/or roof work; and
- Special considerations due to the style of a property.
As part of Solar State’s service, we perform an engineer survey prior to having you sign an agreement to assure that the price you see is the price you pay for the life of the system.
The cost of a solar array minus all the incentives (tax credits, rebates, etc.) produces the net cost. Incentives can cut your cost by as much as 30%. Click here to see the incentives available to you.
Your solar array will produce energy at a fixed rate (i.e., Solar Energy Generation Rate ) in $ / kWh. Without solar, you will be paying your utility company a higher rate for the same amount of energy. The difference between these two rates determines your expected savings and payback period.
The beauty of solar is its rate is fixed for the life of the system, and under warranty for 25-years. Utility rates are subject to change and when they go up your savings with solar will go up!
We are typically installing arrays that will generate power at a rate of $0.06 / kWh to $0.08 / kWh.
Depending on how much you are currently paying for electricity and what additional incentives are available to you, we have seen payback periods ranging from 5-years in New Jersey to 13-years in Philadelphia to as little as 2-years for commercial projects.
And remember, your system will live on for over 25-years!
The Investment Episode
Thea Gudonis joined the Yooo Sun!!! Podcast in episode 3 to discuss the idea of going solar from a practical investor’s perspective. “Solar is not a luxurious expense for The Greenies; it’s for the practical investor. Instead of just paying a monthly expense without any return, or any end in sight, you’re switching that and diverting it to a monthly fixed investment that has an end, adds value to your property, invests in your local community and clean energy – it’s one of the few examples in your world that’s a win-win-win for everyone and makes environmental, social, and economic success.”
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About Solar States
Solar States is a solar installer and educator based in Philadelphia, Pennsylvania. We are a certified B-Corp and Best for the World Nominee in both 2018 and 2019. We can install solar on any roof – residential or commercial – in Pennsylvania, New Jersey, or Maryland. If you have any questions about a transition to a sustainable energy system for your property, we can answer them.