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Cost of Solar in Bethlehem, PA
As electricity costs continue to soar, many Bethlehem residents are considering an investment in solar panels to lower their monthly power bill. If you are considering joining the solar revolution, you will want to know about the cost of solar in Bethlehem and when you can expect your investment to pay off. As one of Bethlehem’s trusted solar installers, we can provide an accurate idea of costs and the savings you can expect over the lifetime of your system.
Cost of Solar Panels in Bethlehem
An average-sized home in Bethlehem requires a 5-kW solar system, which usually costs around $17,000. Bethlehem residents can take immediate advantage of the federal solar Investment Tax Credit (ITC) to reduce the cost of their system by 30%, lowering the cost of the system to around $11,900.
What Is the Solar Payback Period in Bethlehem?
To determine whether solar panels are a good investment, you need to understand how quickly your system will pay for itself, which is referred to as the “solar payback period.” The cost of electricity in Bethlehem is higher than the national average, with a typical household paying around $115/month for electricity. On average, you can expect to reduce your power bill by around $85/month with solar panels.
By saving approximately $1,020 per year on electricity, you will be able to pay off your solar panels in less than 12 years. With an average lifespan of 25-years you can expect to save at around $18,360 by installing solar panels in Bethlehem after the solar payback period! In addition to substantial energy savings, you will also be able to budget more accurately for the future, as rising energy costs will impact you less than those who do not have solar panels installed.
Solar Financing Options in Bethlehem, PA
The truth is that most Bethlehem homeowners don’t have $17,000 available to purchase their solar panels outright. Fortunately there are two excellent solar financing options available:
- Solar loans: There are several types of loans that can be used to pay for your solar panels, including a home-equity line of credit (HELOC). These loans typically offer low interest rates and flexible payback periods. While your cost savings will be slightly lower than if you purchase your system outright, a solar loan is a great way to start enjoying solar without sinking your savings into the project.
- Solar lease: For those who are not legible for a loan or who don’t want to make a long-term commitment, a solar lease may be the right choice. A solar lease, or Power Purchase Agreement (PPA), is a special arrangement in which you pay only for the energy generated by your solar panels, but not for the system itself. The solar panels are owned and maintained by a 3rd party, so you get to enjoy the cost savings of solar and a more stable energy bill, without any of the investment or hassle. Most PPAs offer generous terms and require $0 down.
Schedule Your Free Solar Panel Consultation Today
At Momentum Solar, we are committed to helping Bethlehem homeowners make the switch to clean, solar energy. Our Bethlehem solar installers understand the demands of the market and the unique energy requirements of homes in the area.
All of our solar panels have a Tier 1 quality rating, which means they are the most effective and reliable solar panels available in Bethlehem. In addition to providing routine maintenance on our solar installations, we also provide a 25-year warranty on our panels and system components. When you choose Momentum Solar, you can be confident that you will continue to benefit from your solar panels during their entire lifespan.
We offer all Bethlehem residents a free, no obligation consultation at your home. During this initial meeting, we will assess your property so we can put together a detailed quote for your solar panels. We will also be able to answer your questions about solar financing options and our installation process. If you’re ready to get started, we encourage you to contact us today!
This customer’s bill is estimated to be $150 lower than the previous bill.
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