Yes, for the majority of homeowners, solar panels are worth it, especially when facing high and unpredictable electricity bills. Switching to solar may not be worth it if you already pay low electricity bills, you're renting, or you have to pay a high price for installing solar. It may not be worth Contact online >>
Yes, for the majority of homeowners, solar panels are worth it, especially when facing high and unpredictable electricity bills. Switching to solar may not be worth it if you already pay low electricity bills, you''re renting, or you have to pay a high price for installing solar. It may not be worth it either if you have year-round inclement weather. Getting solar installed depends on your personal situation.
But on the flipside, converting to solar energy offers many benefits for homeowners, including energy savings, reduced carbon emissions and increased property values. However, switching to solar isn''t right for every house. Our guide will shed a ray of light on everything you need to know about solar energy, from solar panel pros and cons, costs and more, to help you decide if investing in solar is worth it for your home.
Solar technicians install different types of solar panels (typically monocrystalline and polycrystalline) on roofs with photovoltaic (PV) cells that harness and transform sunlight into sustainable energy with the potential to power an entire home––lighting up rooms, running appliances, heating water and keeping everyone warm and cozy on cold days and nights.
Solar panels work when the sun’s rays hit a solar panel, causing the photovoltaic (PV) cells within the installed panel to absorb the sun’s energy. The absorbed energy then ignites electrical charges within the cells that move until they generate an electrical current that we use as electricity.
Solar panels are worth it if you already own your property, are dealing with high energy bills and can get solar panels installed that don''t come with a huge price tag. It''s even more worth it when you can take advantage of tax credits, incentives and rebates. Solar can offset your energy costs and translate to big savings down the line and allow you to break even on your investment.
Pro Tip
“Pricing for solar is turnkey, so it includes permits and installation. If you''d like a home battery for resilience when the power goes out, they can add a significant cost to your home solar system price.” – Roger Horowitz, Solar Expert, Advisory Board Member
On the bright side, solar panel costs have decreased by more than 50% in the last 10 years, according to the Solar Energy Industries Association (SEIA). The typical solar energy system is priced around $16,000, although the actual cost fluctuates depending on a system’s size, regional rates, and the solar installer you choose. The easiest way to find an accurate price is to speak with a local installer.
By doing some math, we can roughly estimate how much solar panels save the average homeowner. Once you calculate the initial investment for a solar power system and its energy production capacity, you can hypothetically estimate the potential annual savings on your energy bills.
Here''s an example: Let''s say you pay the national average of $16,000 for solar panel installation. With the 30% tax credit ($4,800), your average cost will equal $11,200. If you save an average of $100 per month on electricity after the payback period, that''s $1,200 per year. Multiply that by 16 years, and you''ve saved $19,200.
Pro Tip
“This doesn''t include SRECs (Solar Renewable Energy Credits) which are only available in some states but can lead to even greater savings.” – Roger Horowitz, Solar Expert, Advisory Board Member
There are, however, some cases when solar panels don’t yield the return on investment some homeowners expect because of faulty equipment, less-than-optimal sunshine and more. To discover a solar panel system’s expected production rate in your area and potential output issues, you''ll likely need to reach out to a professional. Ask people you know for recommendations to find the best solar companies in your area. You can also find customer reviews of solar companies on the Better Business Bureau website and review sites online.
Before investing in going green, it''s important to know the advantages and disadvantages of solar panel installation to help you decide if solar is a worthwhile investment for your home. Consider the following pros and cons that provide some insight.
There are many benefits of installing solar panels to your home. These include:
Reduces your Carbon Footprint
Every kilowatt-hour (kWh) of solar generated by your panels can help reduce greenhouse gas emissions such as CO2, and toxic pollutants like sulfur oxides, nitrogen oxides and particulate matter, according to the Department of Energy.
While installing solar panels may require an initial investment, homeowners will experience savings in the long term. That also means reduced electricity bills and no more surprise high bills to deal with.
Allows You To Participate In Net Metering
Many states have net metering programs that allow you to profit from unused energy. That means homeowners get credits for the electricity they add to the grid from their panels.
Federal, State and Local Tax Incentives
Customers will receive a 30% federal tax credit just for adding solar panels to their homes. While every state is different, homeowners can save even more money with local state incentives and rebates.
Despite the many advantages of adding solar, there are some negatives:
Depending on the state that you live in or the company you go with you may have a high initial upfront cost. Incentives and rebates can help with costs but not all states offer those.
If you happen to live in an area that gets severe cold weather you may not be getting the full benefits from your solar panels.
Expensive Installation and Maintenance costs
Installation can be expensive, depending on the company you go with, and whether you have a strong warranty. And while panels do not require too much maintenance, any issues with your panels requiring repairs or maintenance could be costly.
Some Financing Options Not Eligible for Incentives and Rebates
Most solar installation companies provide you with different financing options, however, not all financing options, such as leasing, allow you to take advantage of incentives and rebates.
Households that reap the greatest rewards from solar panels are those located in states with higher electricity rates. For example, if you live in Connecticut, Massachusetts or California where electricity is more expensive, you''ll benefit more from a solar system than a household would in Oregon, North Carolina and Louisiana with lower electricity rates.
Investing in solar panels can bring numerous benefits to your home. However, there are specific circumstances when installing solar panels is particularly advantageous. For instance, sudden high electricity bills or living in a region with abundant sunlight are two key factors that can significantly affect the value and necessity of installing solar panels.
As a homeowner, noticing a change in your electricity bills is undoubtedly alarming, especially when they’re higher. So, if you consistently notice an increase in energy costs every month, investing in a solar panel system can offer a long-term money-saving solution. By producing clean and renewable energy from sunlight, solar panels enable you to decrease your home’s reliance on the traditional energy grid, reducing your electricity bills over time. This transition to solar energy can offer financial relief in the long run despite the high upfront cost of installing a solar panel system.
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