Friday Dec 09, 2022

If You Live in Arizona, Here’s What You Need to Know About Solar Panels – CNET

npressfetimg-13.png

Arizona is one of the top five states generating electricity from solar energy. Why does it rank so high? It might have something to do with its average seven hours of peak sunlight daily. If you live in the Grand Canyon State, solar panels may be worth the investment to save on your electricity bills. 

According to CNET’s corporate partner SaveOnEnergy, electricity rates in Arizona have increased by 3.5% from 2021 to 2022. In contrast, solar prices have decreased by 53% in the last 10 years. According to Energy Information Administration data, Arizona’s average monthly electricity bill is about $107.26. You could save $1,287 a year if you invest in a solar system that covers 100% of your home’s energy usage.

Arizona solar panel costs

The cost of solar systems in Arizona depends on many factors, including the number of panels needed to power your home, installation costs, permits and equipment like solar batteries. Arizona’s median size of solar systems is larger than the US median size, but the price per watt is less expensive. Here’s a look into the size and cost of solar systems in Arizona, based on the Tracking the Sun report from the Lawrence Berkeley National Laboratory. 

Typical solar installation costs in Arizona

System size (kW) Price per watt Total cost
High 11.4 $4.57 $52,043
Median 8.2 $3.76 $31,046
Low 5.8 $2.88 $16,613

Arizona vs. the whole US

System size (kW) Price per watt Total cost
Arizona 8.2  $3.76 $31,046
Nationwide 6.48  $3.82 $24,742

Solar financing options in Arizona

There are several ways to pay for solar panels in Arizona, including cash, power purchase agreements, solar loans or leases. Each option has its advantages and disadvantages. Explore the payment options to determine what works best for you.

  • Cash: No interest or loan fees, but greater upfront costs. You would be eligible to apply for the Residential Clean Energy Credit.
  • Power purchase agreement: Solar company owns and provides maintenance on the solar panels. You only pay for the energy used. Ineligible for solar tax credits and incentives.
  • Solar lease: Pay a fixed monthly price, but the company owns the panels. Ineligible for solar tax credits and incentives.
  • Solar loan: Easy to apply, not as expensive upfront, but can result in high-interest fees.

Paying with cash or solar loans provides a larger return on your investment because you pay upfront and can claim tax credits. PPAs and solar leases are best for those who do not have the upfront capital, do not qualify for loans or rent their home. Remember that solar leases and PPAs do not qualify for tax credits and other green energy …….

Source: https://news.google.com/__i/rss/rd/articles/CBMidWh0dHBzOi8vd3d3LmNuZXQuY29tL2hvbWUvZW5lcmd5LWFuZC11dGlsaXRpZXMvaWYteW91LWxpdmUtaW4tYXJpem9uYS1oZXJlcy13aGF0LXlvdS1uZWVkLXRvLWtub3ctYWJvdXQtc29sYXItcGFuZWxzL9IBa2h0dHBzOi8vd3d3LmNuZXQuY29tL2dvb2dsZS1hbXAvbmV3cy9pZi15b3UtbGl2ZS1pbi1hcml6b25hLWhlcmVzLXdoYXQteW91LW5lZWQtdG8ta25vdy1hYm91dC1zb2xhci1wYW5lbHMv?oc=5

Leave a Reply

Your email address will not be published.

Back to Top