Going solar is often thought to be a sure way of saving thousands of dollars. But are solar panels worth it? They can be a smart, long-term investment for your home, depending on several factors. Before investing, make sure you get to grips with some of the more important considerations.
How much does a solar panel system cost?
Are solar panels worth it? To make a final decision, you have to consider the costs. As with most products, cheaper options may seem tempting. Saving cash upfront is always inviting, but your long-term savings will often be higher if you invest in high-quality equipment. The quality of your purchase influences whether solar panels are worth it or not.
Another worthwhile step would be to research the solar incentives and rebates available where you live—they can significantly reduce your net cost. For example, the federal government offers a 30% solar tax credit. This federal ITC has been extended until 2021. However, the full 30% figure for the tax credit is only applicable until the end of 2019. In an attempt to encourage customers to go solar, some utilities even offer cash rebates.
How much do you pay for electricity?
Going solar means you’re basically installing a miniature power plant to replace that of your utility provider. The people who benefit the most from switching to solar are those with high electricity rates. To figure out whether or not going solar is worth it, you should calculate your current electricity rates versus your potential savings.
There are online solar calculators that can help estimate what you could save by switching. Using a calculator is easy! Simply enter your address, property type and average monthly power bill. Once you know how much you could be saving, you can decide whether or not solar panels will help you cut down on those bills.
Are solar panels worth it in all climates?
A common misconception with solar is that you have to live in a sunny state like California or Florida for it to be worth your time. The fact is: solar panels love sunlight. It’s true that they will produce less energy when the weather is cloudy and produce no energy at night. However, people in the northeastern states are still benefitting from solar savings! People who live in places like New York and Massachusetts have considerable local benefits for installing solar panels. See which incentives your state offers!
After weighing your options for benefits and savings, solar is a smart decision even if you live in a cloudy city.
The cost of solar is going down.
The cost of solar electricity has been steadily dropping. Now, more than ever, homeowners are finding that installing solar panels is worth it. For example, ten years ago in Florida, solar energy costs were close to $7.00 per watt. Now, most Florida residents pay only $2.88 per watt.
As the price of solar panels has gone down, the number of installed systems has increased. Once one home in a neighborhood has solar, that homeowner can attest to the savings they’re experiencing. Soon, the entire neighborhood will be asking, “are solar panels worth it?” The answer is a resounding, “yes!”
Solar panels can increase property value.
According to studies, homes with solar energy systems actually sell for more than homes without them. Throughout the United States, switching over to solar could increase your property value even more than a kitchen renovation. This is yet another reason why solar panels are worth it.
However, one thing to note: property value will only increase if you own, rather than lease, the solar panel system.
Are you interested in increasing your property value with solar?
Connect with one of our solar dealers to talk about your options.