Are Solar Panels Worth It?
Before choosing to invest in a solar system, there is one question everyone asks. Are solar panels worth it?
However, there are several factors to consider before you can determine whether solar is worth it or not for you.
How much does solar cost?
To most, cost is the make or break factor in the decision to go solar. When buying your solar system, the cheapest option may seem tempting... However, your long-term savings will be the highest if you invest in high-quality equipment with industry standard warranties.
System size is what will impact your cost the most. This is based upon how much power your home consumes. For example, a family of 5 would most likely consume more power than a family of 3 so the family of 5 would need more panels resulting in a larger system.
Solar panels are currently priced the lowest they have ever been in over 30 years and they are continuing to decline. A huge factor in this price drop is the 26% investment tax credit (ITC).
This tax credit allows homeowners to deduct 26% of the total cost of their solar system. There is no limit on how much the credit can be, but you must have federally taxed income in order to claim it.
Your location can also play to your advantage. Every state has different incentives in addition to the ITC. These other incentives would be state tax credits, tax deductions, rebates, renewable energy certificates, performance incentives, buy back programs, etc.
Does solar save money?
The answer to this question is simple.
Yes, solar saves money. In addition to helping the environment, the average homeowner saves between $30,000 and$60,000 when switching over to solar.
In the United States, utility rates have increased about 2% every year for the past 25 years. With continuing and higher rate increases each year, homeowners are seeking ways to no longer be subject to them and ways to save. The solution? Solar.
With solar eliminating your electric bill, you are able to keep more money in the bank and turn a liability into an asset. When you own your solar system, every payment you make builds equity
in your system and into your home. It is the same concept as why you own your home instead of rent it. Why rent your power from the utility company when you can own it? You are investing in yourself. If you plan to eventually sell your home, you are also able to recoup your payments through the equity you've built into your solar system baking into your home evaluation cost. In conclusion, solar absolutely saves homeowners money, but now the real question you are looking for is “How much money will I save?.
”How much you will save is dependent on a number of factors. These factors being the size and angle of your roof, sun hours, your local electricity rates and how much power you consume.
Is solar worth it in every climate?
Most people think solar will only work for them if they live where it is sunny all the time.
However, that is a common misconception. Solar works everywhere! The job of a solar panel is to absorb UV rays which are present even on cloudy and darker days. It is true that if you live somewhere where the sun isn't as prevalent, you may produce less power. Yet, you can still benefit from solar and see savings. What is the environmental impact of going solar? Solar panels save money, but they also save the environment! Solar power reduces greenhouse gas emissions into our atmosphere. Solar panels allow homeowners to capture the energy of the sun and convert it into electrical energy to power their home all without contributing to air pollution. The U.S. currently powers 81% of the nation from non-renewables which generates the majority of pollution in the world and is unsustainable. While the amount of sunlight that hits the earth’s surface within 1 hour is more energy than the world uses all year. By going solar you can reduce greenhouse gas emissions, the demand for fossil fuels and the strain on the power grid along with shrinking your own carbon footprint. Just one home that installs solar has a measurable effect on the environment. Begin your solar journey today. Regardless if you are looking for savings or are interested in helping the environment, solar is worth taking a look at.