Wanting to save money on your electricity bill and help the planet? Well, solar panels might be the answer, however getting them installed on the roof of your home or business might not be as simple as you may think. To learn more about this, Woman’s World recently sat down with David Feldman, a senior financial analyst at the National Renewable Energy Laboratory (NREL) where he detailed exactly how much solar panels can cost and why getting them installed sooner rather than later might be better for you and your wallet. Read on to learn what he had to say. 

What are solar panels and how do they work? 

Solar panels—or photovoltaic (PV) panels—are a type of energy technology that use sunlight to help power your home. They are just one renewable energy type that can help reduce fossil fuels and people’s carbon footprint. 

“Basically, the sunlight hits the panels and makes electrons flow in a certain direction,” Feldman said. “Those electrons flow into wires that end up in your socket as electricity and what’s interesting is, the times where you produce the most electricity is April and not June. The reason is because it’s sunny, but it’s also cold. So when they hit the panel, it’s more efficient, because when it’s hot it’s more loosey goosey, but when it’s colder, it’s more rigid.” 

As of publication, it’s believed that around 5 million Americans have some sort of solar panels installed in their homes, and that number is expected to increase more and more as the years go on. 

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How much do solar panels cost? 

Like a lot of things around the house, the cost of solar panels can vary based on things like how big your house is and how much electricity you plan on using. 

“Systems could cost somewhere between $10,000 to $30,000, and then you get the tax credit off of that. There are also often state and local rebates that could cut that down as well” Feldman explained. “I would also say that most people who go solar don’t pay for it with cash. They get a loan, or they have someone else lease them the payments. So instead of actually buying it themselves, they go to someone else who pays for all of it and puts it on their roof for free. So there’s a lot of different ways, but it sort of comes down to what a customer is comfortable with.” 

However, with the looming tariffs on imported solar products, Feldman warns that those prices could increase sometime in the near future. 

“China installs over half of the PV panels made globally. The United States doesn’t buy a lot of Chinese panels because there’s so many tariffs on them, but we often buy panels made using a Chinese supply chain,” he said. “There’s been a lot of efforts to move away from that. But it’s very challenging because there is such a large part of the supply chain, so it increases the cost.”  

He also said that while there is “a growing amount of solar manufacturing in the United States,” China still remains the manufacturing leader for the solar global markets. 

Can solar panels save you money on electricity? 

Even though getting solar panels installed might seem expensive at first, experts like Feldman want people to know that at the end of the day, they do help save you money–especially since most of the time, they can last for up to 30 years. 

“5 million people have solar because it’s saving them money,” he said. “A lot of people are installing solar for a variety of reasons like energy independence and the environment, but most people are doing it because they’re paying less on their electricity bills.” 

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How to get solar panels installed 

If you are one of the people wanting to get solar panels installed on the roof of your home and/or business, here is how Feldman recommends you do it in the most efficient and cheap way. 

“I would reach out to anyone you know who’s gone solar to ask them about it. Then, I’d reach out to some installers, and then go on Yelp or something, to see how those installers do and whether they get good ratings,” he said. “I think it’s always good to get multiple quotes and see how they do because, at the end of the day, these things are designed to be in your home for more than 25 years, and you want to make sure that they’re installed properly.” 

He also recommends getting them installed sooner rather than later because “If you buy a system for the end of this year, you are eligible for a 30% tax credit.”