Renewable energy sources (including solar panels) will make up 30% of the world’s power by 2024.
There’s no doubt that solar energy is great for the environment, but what about you and your home or business? Are solar panels worth it, or should you look for other ways to save energy?
Here are four important factors to consider to help you make your decision.
- Solar Panel Installation Cost
Depending on your locale, you might pay anywhere between $17,000-$31,000 for solar panel installation. Before you bulk at the price tag, consider the benefits.
There’s the federal tax credit that allows you to recoup up to 26% of the installation costs. This is in addition to any local or state tax incentives. There’s also the energy savings you’ll enjoy in the coming years, which we’ll discuss next.
- Green Energy Savings
You can enjoy maximum savings from your new solar panels in the form of lower electric bills. You’ll have the ability to generate 100% free energy to power your home for the next 25-30 years. In some cases, you won’t just lower your bill — you’ll eliminate it completely.
When you do the math, you’ll see that the cost of installing solar panels will pay for itself in energy savings over the next decade or two. And if you ever sell your home, solar panels will instantly increase its value by about $6,000.
- Your Home’s Roof
It’s important to note that not every roof is a candidate for solar panels. If you have an older home with cedar or slate tiles or certain features (such as multiple skylights), your roof may not support a solar panel system.
You also need to consider the age of your home’s roof. If it’s due for a replacement in the next 5-10 years, there’s no point in installing solar panels that will last 25-30 years.
If you have an older roof but your heart is set on making the switch to solar, check with local solar and roofing companies. They may have discount packages that allow you to replace your roof and upgrade to solar at the same time.
- Your Climate & Location
Let’s face it: Solar panels make more sense in some locales than in others.
If you live in a northern state that has frequent cloud cover year-round, solar panels may not be the most logical option for you. The same is true if your roof is shielded under tall trees or neighboring buildings.
You also need to consider the potential cost savings on your current energy bill. If you already live somewhere with lower utility costs, how much will you actually save on your monthly energy use? Most homeowners stand to save a lot, but it depends on the average energy costs in your state.
Are Solar Panels Worth It?
So, what do you think? Are solar panels worth it?
In most cases, the answer is yes! For more information about going solar in your area, contact your local solar panel company and ask how you can save energy costs.
Now that you know more about solar panel service and installation, what’s next? Keep browsing our site for other helpful articles like this one!
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