Get matched with top solar panel pros in Paris, IL

Yes, going solar really saves money. In fact, according to some calculations, the average homeowner who switches from electric to solar power will save almost $2,000 a year on energy costs. While buying solar panels and switching to solar can be costly up front, the savings add up over time. If you can sell back extra energy or take advantage of tax incentives, your savings can be even higher.

• Installing a new electrical meter box

• Replacing your meter base

• Replacing your service entrance cable 

The cost to install or upgrade an electrical meter box ranges from $100 to $650, including $50 to $250 for the unit. The meter base passes the power from your electric company to your panel. The cost to replace a meter base is roughly $50 to $250. 

Service entrance cables are electrical cables with multiple wires, bringing power from electrical companies to residential buildings. The cost to replace a service entrance cable ranges roughly from $1,000 to $1,500.

Insurance companies aren’t against solar panels, but they may have concerns about the risks and costs of insuring solar. The type of policy, where you live, and the insurance company itself matter. Extreme weather can damage solar panels, and faulty installation or electrical malfunctions pose a fire risk—this, in turn, can increase insurance company liability and payouts. However, you’re likely to keep coverage as long as you have a pro install the solar system, keep it maintained, can pass a solar panel inspection, and update your homeowners policy to include solar.

While you can minimally overshoot the number of solar panels you need for your home, it's not smart to go too far. Not only is the extra cost unnecessary, but your state may put caps on how much energy your home can produce and send back to the grid. It is always best to work with a solar energy professional to determine the best system size for you.