Solar panels are an excellent source of energy, but they can also be expensive. Fortunately, you can often get a financial boost from government grants or community solar projects. There are even local solar parks in some areas. However, installing a solar panel on your home can cost you a lot of money, so if you're on a tight budget, consider installing a smaller system.

Cost

Cost of residential solar panels can vary based on many factors. The characteristics of a home also have an effect on total solar costs. For example, a south-facing roof that slopes at a 30-degree angle can benefit solar installations because fewer panels will be required and the cost will be lower. Similarly, a roof that has multiple levels or dormers will need additional equipment, which may add to the cost of installing the solar system.

The size of the system also affects the cost of residential solar panels. A five-kilowatt solar system costs about $13,050 in the U.S., though you can get a 30% federal solar tax credit to reduce your out-of-pocket cost to as low as $9,135.

Efficiency

Efficiency is an important factor when it comes to installing residential solar panels. It measures how much energy a solar panel can turn into usable electricity. Solar panels convert sunlight into electrical current, which is then transferred through wiring and busbars to a Main Panel. From there, the electricity is distributed throughout the house.

To improve efficiency, solar panel designers must use the right software and methods. For example, they must model the shading of the panels. Additionally, significant amounts of dust and dirt can reduce the efficiency of solar panels. To combat this, homeowners can apply anti-reflective coatings to their solar panels. Also, they should keep their panels clean by removing any leaves, branches, and other debris that collects between them and the roof. This will allow for better air circulation and lower heat buildup.

Snow can also affect solar panels, making them less effective. A thin layer of snow on the roof won't interfere with their efficiency, but heavy snowfall can make the panels less effective. If you live in a snowy area, you can consider installing panels that don't face heavy snowfall.

Government incentives

Federal and state government incentives for installing residential solar panels can help you offset the cost of a PV system. Most incentives cover up to 20 percent of the total cost of installing a PV system. In addition to tax credits, some states also offer rebates and other financial benefits, such as net metering. These programs give you credits for any excess power you produce, which you can use to offset your utility bills.

While most states do not provide PBIs, some offer incentives to encourage homeowners to install solar. Massachusetts, for example, offers the SMART solar program, and Rhode Island has a renewable energy growth program. In Minnesota, some utilities offer property tax exemptions to solar owners. These programs can lower upfront costs and help increase property values.

Warranty

If you install residential solar panels, you might be wondering how to get the best warranty possible. Many solar companies include a warranty with their products, but some may not offer one. It's essential to check the terms and conditions of your warranty to be sure that you are protected. A warranty is an important consideration, because it will keep you covered if something goes wrong with your solar system.

Some manufacturers offer warranties for as long as 25 years. But some only cover the cost of shipping and installing a replacement panel. If you're not satisfied with the warranty you receive from the manufacturer, you may want to consider purchasing a comprehensive protection plan instead. It usually costs between $350 and $500 per term. It also includes a manufacturer's warranty.