Choosing solar panels is happening all around the great state of Texas, especially in North Texas around the Dallas, Fort Worth Metroplex. Texas has long been defined by the wide open spaces, incredible pride, and reliably warm climate. DFW is one of the most ideal places to go solar due to the incredible cost savings. It’s easy to see why solar panel savings in DFW is a popular reason to make the switch to solar.
Breaking Down the Cost
One common reason people don’t make the initial switch to solar energy is because it can be an expensive, up-front investment. The average installation in Dallas, Texas ranges in cost between $11,772 to $15,928. The average solar panel cost in Dallas is $2.77/Watt (W). For this cost example, let’s say your solar panel system will be a size of 5 kilowatts (kW). Including the installation price, the average gross price for going solar in Dallas is $13,850.
Following that upfront cost, you also need to factor in the Federal Investment Tax Credit (ITC) and additional state and local solar incentives. As a result, the net price you pay can fall by thousands of dollars.
What’s the ITC?
The ITC is one of the best federal policy mechanisms to support solar energy growth. This was enacted in 2006, and is set to expire at the end of 2021 unless Congress renews it.
The ITC is a 22% tax credit for solar systems placed on residential and commercial properties. This can be applied to smaller solar systems and large scaled solar power plants. This tax incentive has allowed the US solar industry to grow by more than 10,000% since implementation.
Why Go Solar in Texas?
An important factor in having solar panels is making sure you live in a state that receives a sufficient amount of sunlight to make sure that your panels can generate enough energy. The top ten sunniest states in America according to World Population Review are:
- Arizona: 5,755 kJ/m^2*
- New Mexico: 5,642 kJ/m^2*
- Nevada: 5,296kJ/m^2*
- Texas: 5,137 kJ/m^2*
- California: 5,050 kJ/m^2*
- Colorado 4,960 kJ/m^2*
- Oklahoma: 4,912 kJ/m^2*
- Kansas: 4,890 kJ/m^2*
- Utah: 4,887 kJ/m^2*
- Florida: 4,859 kJ/m^2*
*= values in the data are from average annual sunlights expressed in kilojoules per square meter (kJ/m^2). Kilojoules are a unit of measurement for energy.
You read that right, Texas is in fact sunnier than the “Sunshine State” of Florida. The reason for this is that Texas has less water than Florida does. With an absence of water or moisture, it’s more difficult for clouds and rain to develop. This leads to an increase of dry conditions and more sun. Therefore, Texas becomes one of the sunnier states because it does not have as many fresh water sources as Florida.
Living in Texas allows you to have a quicker return on your investment than other states in the country. A large reason for this is that Texas’ electric utilities are deregulated. By having deregulated electric utilities, Texans have more freedom to choose which retail provider they’d like to use. With the ability to choose whichever retailer, that allows Texans to take advantage of different incentives based on each company.
Cities that offer one for one net metering programs coupled with a 22% solar tax credit make it possible to pay back the cost of installation in under 10 years. Cities that do not have the one for one or upfront rebates can take up to 15 years to pay off.
Additional Solar Panel Savings
In addition to the tax incentives, you’re creating your own energy. That means that you can get rid of your electricity bills! Even if it’s a cloudy day, your solar panels will store energy for times when you aren’t generating enough. That way, your systems and electricity will work at night or during a particularly cloudy or rainy day. Even if there are clouds, your panels can still take in some sunlight.
Adding solar panels to your home also results in a higher property value for your property. Your home’s value depends on your current home value. If you live in a $200,000 home, you can expect an average of $8,000 added to your property value. Read more to learn more about how solar panels can increase your home value.
Finding the Right Company to Help You Go Solar
When it comes to choosing the right company, look no further! ONIT Solar will price match any company to make sure that you end up with the best deal with the best company. To find out more, visit us online or give us a call today at 1-833-433-0331. Our representatives are standing by to help you understand the solar panel savings in DFW.