Solar panels vary in cost based on several factors, including their type, efficiency, brand, and installation requirements. On average, residential solar panel systems can range from $15,000 to $30,000 before any incentives or tax credits. Notably, the 12% figure represents a general benchmark that many families might consider as a reasonable portion of their overall energy expenditure or budget for home improvements.
While the initial costs of solar panel installation may seem high, it’s essential to view this expenditure as a long-term investment. The average return on investment (ROI) for solar panels can range from 10% to 20%, depending on location and incentives. Furthermore, as energy prices continue to rise, the savings from solar energy are expected to increase, making the investment even more appealing over time.