If you install solar panels now, you’ll pay 70% less than people paid ten years ago, according to the SEIA. So, the question you’re asking yourself right now is probably, “should I install solar panels at home?”.
That depends on your circumstances, your finances, and your plans.
Here’s what you need to know.
Does Your Home Suit a Solar Panel Installation?
Your home’s surroundings and location affect whether you’ll save with solar or not.
Do you live in an area that’s prone to cloudy days? Is your home surrounded by trees? Solar panels work best in direct sunlight, so they might not generate enough electricity for your needs in these circumstances.
Are you in need of a roof replacement soon? You should complete this expensive home improvement task before you install solar panels.
Do you pay more than $300 per quarter for your electricity? If so, you’ll benefit from the savings offered by solar power.
The Costs Associated With Solar Panels
Solar panel installations in the USA cost between $8,000 and $40,000. If you can’t afford these costs upfront, you can opt for a solar loan instead.
If you go this route, it’s simply a matter of comparing your installment against your power bill to see if you’ll benefit. In most cases, a solar installation pays for itself within 20 years.
An experienced solar installer can offer advice on how to install a system that offers the best value for you.
How Much Can You Save With Solar Energy Incentives?
Fortunately, you can save on your solar installation thanks to solar power incentives offered by both the federal government and most states in the USA.
The federal incentive involves a 26% credit on your income tax return for 2021. ,ñbfftbn
According to Blue Raven Solar, you can also get additional discounts from certain solar power companies if you opt for a grid-tied system.
What Are Your Options for Solar Power?
When you install a solar power system, you can still get energy from the electrical grid when needed.
With these grid-tied arrangements, you return any excess solar energy you generate into the power company’s system. In return, they’ll give you a credit on your power bills.
With an off-grid system, you’ll receive no electricity bills, but you’ll need a larger, more expensive installation to ensure you always have the power you need.
Energy-Efficiency and Home Value
Solar energy is an attractive option for most prospective home buyers. So, if you’re selling your home, it could add to your selling price.
That is if you’ve already paid for your solar panels. If the new buyer must commit to a lease agreement with a solar company, they might want a reduction in the sale price.
Some solar companies don’t allow you to transfer your lease. So, if you’re planning to enter one of these agreements, find out first.
Doing the Math
Installing solar panels offers an opportunity to save vast amounts of money in the future. It’s also an important contributor to reducing mankind’s reliance on fossil fuels.
If you can figure out a way to afford it, there’s really no argument against installing this environmentally-friendly innovation.
Do you have more questions about how you can make your home a better place?