Is the Price of Solar Panels Dropping?
Have you been dreaming about installing home solar panels but waiting until they get cheaper before you take the plunge? We have good news for you—the price of solar panels has been dropping steadily over the past decade and going solar is currently more affordable than ever.
Keep reading to learn more about solar panel installation costs in Arizona and why now is the best time to invest in a residential solar panel and battery storage system.
Price of Solar Panels Over Time: A Downward Trend
When solar panels were first introduced and for several years after, they were prohibitively expensive for most homeowners. But many factors, including improvements in solar panel efficiency and reductions in module, hardware, and inverter manufacturing costs have led to a steady decrease in overall solar panel installation costs. Solar battery storage systems have seen similar reductions in manufacturing costs, making solar panels and solar battery storage accessible to a large swath of homeowners.
Arizona Solar Prices Have Dropped by 43%
Just how much has the price of solar panels dropped? According to The Solar Energy Industries Association, the cost of a home solar panel installation has dropped by 43% over the past decade in Arizona!
Solar Incentives Are Higher Than Ever
Falling prices aren’t the only reason why solar panels prices are going down. The federal solar tax credit—the best solar incentive ever offered by the US government—is as high as it’s ever been. In 2022, the solar tax credit was increased to 30% as part of the Inflation Reduction Act. The new tax credit was also expanded to include standalone solar battery storage. Off-grid solar systems are also eligible for the solar tax credit.
With the solar tax credit, you can save 30% on your investment in solar panels, significantly reducing the upfront cost of a home solar installation.
Electricity Costs are Rising
While solar costs have gone down over the past 10 years, the cost of electricity has been on the rise. As we increase our dependence on electricity for heat pump HVAC systems, heat pump water heating, electric vehicles, and an endless array of electronics, affordable electricity is becoming more and more important. Going solar is the best way to lock in an affordable electricity rate that will save you money now and protect you against future rate increases.
Find a Solar Solution that Works for Your Home
For years, homeowners have been thinking about solar as the wave of the future. But the future is here, and now is the time to invest in a residential solar energy system.
SouthFace Solar & Electric is Arizona’s premier solar installation company. We’ve been in business since 2008 and have watched the cost of solar come down steadily over the years. We can help you take advantage of dropping solar costs and increased solar incentives with a custom solar power system for your home. We do it all, from rooftop solar to off-grid, ground-mounts, battery storage, and solar shade systems. Get started today with a free, no-pressure consultation.