Solar panels are worth it if you generate enough electricity and if you are also committed to living in the house you get them installed in.
Solar panels absorb the sun’s energy to generate power for free, which will help to reduce your energy bills significantly, and if we consider the other benefits outside of monetary gains, solar panels also help to protect the environment and reduce your carbon footprint.
Providing even more long term value.
To shed some light on the long term value of solar panels, let’s consider the fact that an average-sized home with a 4kW solar panel system will spend around $8,000 – $10,000 on their solar system – installation costs included.
With a system like this installed, you can expect to save around $450 on your electric bills annually.
Meaning that you will reach your breaking point around 17-22 years after your initial investment.
So although it takes quite a few years to get back your initial investment, if you’ve just bought your forever home it might be something worth thinking about.
If this sounds like something you’re interested in, we’re going to discuss a little bit more in detail how many solar panels cost as well as how much you could be looking to save on average.
How Much Do Solar Future HK Solar Panels Cost?
As we’ve already mentioned, 4kW solar panels cost around $8,000 – $10,000 to be installed on the roof of your home, though 4kW systems are not recommended for every household.
It could cost you much, much less if you were looking to reduce your carbon footprint and save yourself some $$$ if there are less people living in your home.
If you’re a family of 3, it would be recommended to install a 3kW solar panel system which will cost you around $5,000 – $6,000.
A household of 2 would need a 2kW system which will set you back $3,500 – $4,500.
And if you live alone you will only need a 1kW system, costing about $2,500 – $3,250.
These numbers are based on the average electricity costs for these sizes of homes, but you see what we’re getting at.
To some, this can still seem a little experience no matter the size of the home, but let’s take a look out how much solar panel system used to cost in 2010…
On average, a 4kW solar panel system installation would have cost you around $25,000, in comparison to the $8,000 – $10,000 which you would expect to pay in 2020.
Year on year, solar panels are becoming more affordable, and are definitely an investment worth thinking about if you’re wanting to make the switch to greener energy.
How Much $$$ Could Solar Panels Save You?
Solar energy can save you money on your electric bills, but on average, how much should you expect to be saving?
Well, this depends on the solar system size you have installed, as we’ve mentioned, certain solar panel systems suit certain house sizes.
If you have a 4kW system installed in your family home of 4, you’re going to be saving around $450 annually on your electric bills.
If you have a 3kW solar system fitted on the roof of your home, you could save around $350 annually.
And if you have one of the smaller solar systems fitted, like a 1kW or 2kW system, you could be looking to save just under $200 annually.