Paying your electricity bills can be expensive, especially if you consume a lot. Solar panels can be a great way of reducing your electricity bills. Solar panels convert sunlight into electricity so that you don’t need to rely on a utility company. Is solar panel a good investment idea?
How Much Do Solar Panels Cost?
The size and location of your solar panel installation will affect the cost. The Center for Sustainable Energy estimates that the average cost to install a solar panel system will be between $15,000- $25,000
Once you have invested in solar panels, it is easy to maintain them. It is important to keep your panels clean and free of leaves and debris. This will make the panels less efficient and prevent sunlight from reaching them. Solar panels also come with warranties between 15 and 25 years. You can rest assured that your solar panels will last for a long time without having to replace them.
Tax credits may be available to help offset the cost of solar panels. You can get 26% of the federal residential tax credit if your installation is complete by December 31, 2021. This credit expires in 2022 and will be reduced to 22% the next year. You may still be eligible for financing if you are unable to pay upfront for solar panel installation.
How much do solar panels return on their investment?
How much you get back will depend on your current electricity costs. A solar panel system is a large investment, but it will pay off in the long term.
Your entire home can be powered by solar panels. Imagine spending $15,000 on a solar panel system. A 26% federal credit is available to you. If your monthly electric bill exceeds $200, it will take you 55 and 1/2 months to break even. It may seem like a long time, but this is actually a great time to realize you are actually making money by not having to pay for electricity.
Are Solar Panels Worth The Investment?
While solar panels are a great way to save money and increase the value of your home while also saving you electricity, they may not be right for everyone. Solar panels don’t work for every home. The direction of your home and the roofing material you use will determine if you have the best setup. To determine if solar panels would be a good fit for you, we recommend that you contact one of the top solar companies.
Solar panels are not a wise investment if you don’t intend to live in your home long term. Before you can enjoy the financial benefits, there is a break-even period. If you don’t spend much money on electricity, it will take longer for your investment to be recouped.
Some people don’t like the look of solar panels. All of it depends on your personal preferences. It could also be a problem for potential buyers if you decide to sell your house.
Solar panels can be a great investment and save you money in the long term. Calculate the return to find out if solar panels are right for you.
This post was written by Daniel Massaad, owner and expert solar technician at Energy Solutions Direct! ESD Solar offers knowledgeable and efficient solar companies in Cleveland! Our licensed and certified contractors are masters of their craft; with years of experience servicing the great Tampa Bay area and beyond, the choice is simple. ESD excels at offering you the best in solar value!