Are Solar Panels Worth The Investment In Texas

Factors like electricity rates solar panel system cost and financing method all play into how worth it solar will be for you.

Are solar panels worth the investment in texas.

Federal investment tax credit itc for solar when you re considering going solar don t forget about the federal tax credit for solar it s one of the best incentives in the country. Texas is the second largest state in the country with a population of almost 28 million people and it has been one of the top 10 solar states since 2017 that s when the number of homes in texas powered by solar photovoltaic pv systems reached 225 726 with a total solar investment of 3 223 34 million. So are solar panels worth it for your home. The average cost of a solar panel system for a home in may 2020 is 3 18 per watt making an average 7 kw installed residential solar power system 22 260 before the 26 federal solar tax credit and 16 472 once the tax credit is applied.

Separately zillow released a study in 2019 which concluded that solar panels on average added 4 1 to the value of a home effectively making installing solar panels a worthwhile investment even if you plan on selling your home in the future. In 2020 they also remain subsidized by the 26 federal tax credit and the net metering law making them an excellent investment. How long does it take to earn back your initial investment in solar panels. Are solar panels worth it in texas.

As of september 2020 the average solar panel cost in fort worth tx is 2 77 w given a solar panel system size of 5 kilowatts kw an average solar installation in fort worth tx ranges in cost from 11 772 to 15 928 with the average gross price for solar in fort worth tx coming in at 13 850 after accounting for the 26 federal investment tax credit itc and other state and local solar. Though a solar panel system is a substantial investment up front over time it can more than pay for itself. Solar panels have fallen in price by more than 80 in the last ten years. From texas data it is shown that the average cost of a solar panel installation ranges from 11 730 to 15 870.

Luckily texas has a solar rights law that prevents hoas from banning solar energy systems on their properties so you can go solar with confidence. Most property owners can break even on their solar investment in 7 to 8 years. On a cost per watt w basis a solar panel installation in texas ranges in price from 2 35 to 3 17.