Discover the affordable cost of solar panels in Missouri this year and harness clean, renewable energy for your home or business.

The Cost of Solar Panels Near Missouri in 2021: A Promising Investment

Solar energy is consistently growing in popularity as individuals and businesses seek sustainable ways to power their homes and operations. Missouri, located in the heart of the United States, is no exception to this trend. With its sunny climate and substantial potential for solar energy production, many residents in Missouri are considering installing solar panels in their homes or businesses. In this article, we will explore the cost of solar panels near Missouri in 2021, providing information and insights to guide potential investors in making an informed decision.

One crucial factor in determining solar panel costs is the size of the system. The size of the solar installation depends on your energy needs, expressed in kilowatt-hours (kWh). On average, a typical American home in the Midwest consumes around 900 kWh per month. If you want to power your entire home with solar energy, it is necessary to consider not only your current energy consumption but also any changes in future energy needs.

To calculate the cost of solar panels, we need to consider both equipment and installation costs. On average, solar panels cost between $2.50 and $3.50 per watt. For example, a 6 kW (6,000-watt) system would cost approximately $15,000 to $21,000. This price, before factoring in incentives and tax credits, includes the panels, inverters, wiring, mounting equipment, and other necessary components.

Financial incentives play a significant role in reducing the overall cost of solar panels. The federal Investment Tax Credit (ITC) offers a significant advantage by providing a tax credit of 26% of the cost of your solar panel system. In other words, if your system costs $15,000, the ITC would provide you with an approximate $3,900 tax credit. However, it is important to note that this tax credit is set to decrease to 22% after 2022, making 2021 an advantageous year to invest in solar.

Additionally, the state-level Missouri Solar Rebate Program offers rebates of up to $0.25 per watt for residential installations and up to $0.50 per watt for non-profit organizations, commercial installations, and public entities. These additional incentives serve to reduce the overall cost of solar panels further.

In terms of installation costs, labor expenses can vary depending on the complexity of the project. On average, installation costs range between $3 and $5 per watt. Again, considering a 6 kW system, this would add an additional $18,000 to $30,000 to the overall cost. However, it is vital to remember that the installation cost is a one-time investment that ensures your solar panels are correctly set up and integrated into your electrical system, maximizing their efficiency and lifespan.

While the upfront costs of solar panels may seem substantial, it is essential to view the investment as long-term savings. Solar panels have a lifespan of around 25 to 30 years, meaning that the initial investment will yield significant benefits for decades to come. Not only will solar panels help you reduce or eliminate your energy bills, but they will also protect you from the inevitable rise in electricity costs in the future. With a solar panel system, you can lock in a lower electricity rate and enjoy a considerable return on investment over time.

Moreover, solar panels increase the value of your property. Numerous studies have shown that solar-powered homes sell faster and at higher prices than properties without solar installations. The investment in solar panels is not only beneficial for your finances but also for the environment, as it significantly reduces your carbon footprint by using a clean and renewable energy source.

In conclusion, the cost of solar panels near Missouri in 2021 depends on the size of the system, equipment costs, installation expenses, and available incentives. Taking into account the federal Investment Tax Credit and the state-level Missouri Solar Rebate Program, the cost of solar panels can be significantly reduced. While installation costs may seem substantial, it is crucial to view them as a long-term investment. Solar panels provide long-term savings, increase the value of your property, and contribute to a greener future. By investing in solar panels, residents and businesses in Missouri are not only reducing their energy costs but also promoting sustainability and reducing their carbon footprint.