For decades, people have regarded solar energy as the gold standard for eco-friendly living. Although there are several ways to go green, few can eliminate your energy bill as solar panels purport to.
However, hiring a panel installation service isn’t always the most affordable option. Although solar panels are cheaper than ever, the average national cost still falls around $20,000.
Since solar panels cost so much, you may wonder if this panel installation is worthwhile. If so, you’ve come to the right place!
We’ll give you the facts you need to decide if solar panels are worth it for you. Read on to find the answers you need!
Initial Costs of Panel Installation
When people consider their solar panel installation projects, they sometimes become shortsighted. Their primary consideration is whether they can afford the panel system and the installation team’s rates.
However, there may be other costs to consider, as well. For example, do you know how old your roof is?
The average asphalt shingle roof has a 20-year lifespan. If your roof is 17 years old, it may need a replacement soon. In such situations, your house can’t support the weight and wiring of your system.
So, you may have to replace your roof before installing solar panels. This work can cost between $5,000 and $10,000.
Tax Credit Options for Renewable Energy
Fortunately, there are ways to save money on your solar panel installation. Congress renewed the 26% federal tax credit for solar panels this year, allowing you to save up to a quarter of a system’s cost.
Likewise, various states also offer solar incentives for homeowners. These incentives can significantly reduce your solar panel cost, making installation more affordable.
Some states that offer these credits include New York, Colorado, Maryland, New Mexico, and more. Do some research and see if your state provides similar solar incentives!
Sun Exposure in Your Location
Another consideration is the amount of sunlight that your home receives. Different states have varying climate conditions that can affect the quality of your solar panels.
For example, Florida receives an average of 237 sunny days each year. However, a state like Washington typically receives 152 sunny days annually.
So, a state like Florida is an excellent place for installing solar panels. You’ll receive enough sunlight to ensure your panels function efficiently. A climate like Washington’s can make solar energy systems less efficient.
The Long-Term Value of Solar Panels
As you can see, several factors affect whether solar panels are good investments. So, finally, let’s explore the long-term values of solar panel installation.
Solar panels can greatly reduce or eliminate your electric bill. Several trends demonstrate that the average price of US energy is increasing.
When you reduce or eliminate your energy bill, you can save thousands of dollars for years to come. Thus, solar panels can pay for themselves.
But what about the loans you use to finance solar panels? Won’t you just switch from spending on electricity to paying for loans?
Initially, this may be true. However, solar panels last for an average of 20 years. Most likely, you’ll pay off your loan in much less time.
So, for those remaining years, you can save more money with solar. You can calculate your solar savings with online tools to see specific figures.
Consult a Financial Advisor About Solar
Solar panel installation is a significant investment. So, talk to your financial advisor about whether it can benefit you!
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