Is Solar a Good Investment?
It can be costly to pay your electric bills, especially if you use a lot of electricity. Installing solar panels in your home is a great way to reduce your electricity bills. Solar panels convert sunlight to electricity, so you don’t have to depend on a utility company for power. is solar a good investment?
How Much Do Solar Panels Cost?
The cost of solar panel installation depends on the size of your home and its location. According to the Center for Sustainable Energy, the average cost of installing a solar panel system is between $15,000 and $25,000
Solar panel maintenance is very easy once you have made your initial investment. You will need to ensure that your panels are clean and free from debris and leaves. This will prevent sunlight from reaching them and make them less efficient. You will also find that solar panels come with warranties of between 15 and 25 years. This should provide some comfort knowing that you won’t need to spend a lot of money on your system beyond the initial investment.
You may also be eligible for tax credits that will help you offset the cost of installing solar panels. If your installation is completed by December 31, 2021, you can claim 26% of the residential federal tax credit. The credit will expire in 2022 and will drop to 22% next. However, if you can’t pay for a solar panel setup upfront, you may be eligible for affordable financing options.
What Is The Return On Investment Of Solar Panels?
Your current electricity costs will determine how much return you get. Although a solar panel system can be a significant investment upfront, it will pay off over time.
Solar panels can generate enough energy to power your entire house. Imagine that you have spent $15,000 to put in a solar panel system. You are eligible for a 26% federal credit. It will take 55 and 1/2 months for you to break even if your monthly electric bill is $200. Although it may seem long, this is actually a good time to realize that you are actually making money because you don’t have to pay for electricity.
Is Solar a Good Investment?
Solar panels can save you money on electricity while adding to the value of your home, but they’re not right for everyone. They don’t fit every home design. Whether you have the right setup depends on the direction your home faces and what roofing materials you have. Pick between the best solar companies in your area to determine if solar panels are right for you, a professional solar installer will visit your home.
If you don’t plan to live in your home for a long time, solar panels may not be a good investment. There’s a break-even period that you will need to complete before you can reap the financial benefits. It will take longer to recover your investment if you don’t spend a lot of money on electricity.
Some people dislike the appearance of solar panels. It will all depend on your personal aesthetic preferences. However, it could be an issue for potential buyers when you sell your home.
Solar panels are a great investment that can save you money over the long term. Calculate the return to determine if solar panels are the right investment for you.