The Benefits and Cost of Solar Panels - Home & Texture
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The Benefits and Cost of Solar Panels: Are They Right for You?

May 17, 2023 at 6:25 AM PST
Homeownership Homeownership

The Benefits and Cost of Solar Panels: Are They Right for You?

May 17, 2023 at 6:25 AM PST

If you’ve been curious about solar power and what it can mean for you as a homeowner, you need to know the facts. First, the benefits and the cost of solar panels oftentimes leave homeowners in a bind. The startup cost of installing solar panels is not cheap, but those who have them say they’re worth it.

First, let’s get into the cost. According to MarketWatch, the state of New Jersey is the best state to have solar power in your home. In New Jersey, the average homeowner needs approximately 5 kilowatts (kW) of solar power for their home. At that size, it costs roughly $2.75 per watt. In total, home buyers are looking at an upfront cost of $13,750 to install solar in their homes. However, the government offers federal tax credits for homeowners with solar energy, so your out-of-pocket expenses would be roughly $9,625 in New Jersey.

Of course, the price can rise the more energy you want to buy. If that seems expensive, take into consideration the installation process that goes into transitioning into solar power. Your total cost will include installing and interconnecting fees, your rough, and panel type.

Understanding Solar Panels and Power


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Currently, the government will give you a 30% credit for implementing solar power in your home. But be aware, the number will decrease in 2033 to 23%.  There remain a lot of misconceptions when it comes to understanding solar power and panels. Some people assume that solar power will only work on locations like farms or in areas where it’s always sunny, like parts of the Midwest region, Texas and Florida. Yet, urban dwellers and homeowners are seeing more positives than negatives since switching to cleaner, alternative energy.

How Does Solar Power Actually Work?

In layman’s terms, solar power panels work similarly to a windmill. They harvest the energy from the sun and transfer that energy into power for consumers in their homes. For those who are more scientifically advanced, photovoltaic (PV) cells are constructed with semiconductor materials that contain the photons from the sun. Then, the panel acts as a home base for those photons, which in turn, releases the atoms from the semiconductor material. Those actions triculate into your home’s circuits to create clean energy.

The Benefits of Solar Power

solar power for your home
Photo credit: Moritz Kindlet

Solar Power Is Climate Change Resistant

Our climate is changing, and many scientists will argue not for the better. With hurricanes and tornadoes becoming more and more deadly, power can be a hot commodity in disaster-prone areas. When natural disasters strike, you and your family will feel safe knowing that when all else fails, you will always have electricity. As long as there is sunlight, you will always have energy.

Solar Power Can Increase Your Home’s Value

According to the Department of Energy, a Berkeley National Laboratory study found potential home buyers view solar power the same way they see other renovations—as an upgrade. The study monitored a team of appraisers across several states and found that interested buyers were willing to pay an increased price of $15,000 for an average-sized solar power system.

Solar Power Still Works When Power Grids Are Down

When deadly storms or extreme heat are at play, energy gets consumed in an overload capacity, leaving people (sometimes thousands and even millions) without electricity. Having solar power would eliminate your dependency on the traditional power grids that the majority still use.

Solar Power Can Reduce Your Overall Power Bill

Who doesn’t enjoy a decreased energy bill? Imagine not worrying about running your air conditioner or telling your children to keep the front door closed to preserve air. With solar power, you can keep the lights on even when you aren’t in the room, and your pockets won’t feel a difference.

The startup costs can be steep, but overall, the idea of adding solar power panels to your home is worth exploring.


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