Deciding Whether To Install Solar Panels

23 November 2018
 Categories: , Blog

The solar panels of today are better at extracting energy from the sun than solar panels of the past. However, the question is often whether a solar panel is worth the upfront cost. If you don't save enough money to bring about a return on investment, would it be worth the initial investment? There are several reasons why most homes would benefit from installing residential solar energy panels. 

Solar Panels are Cheap

Solar panels are not as expensive as they used to be. As a result, you are more likely to recoup what you paid for. Depending on the state you live in, you may be provided financial incentives for installing a solar panel. Often, you will receive a tax credit that could increase the odds that you'll receive a substantial tax refund.

Some Areas Benefit More Than Others

Some states have electric bills that are worse than others. There are also some states that require that more electricity used than others. If you live in a hot state, you are more likely to rely on a lot of electrical power to keep your home reasonably cool. 

The main concern is over whether the solar panels will be able to generate enough power to meet your electrical needs. Some homes simply do not receive enough sunlight and it may take longer than 20 years to save enough money to generate a return on your initial investment. However, even if you won't generate a return on your investment, you will still be helping the environment by not using energy that comes from the burning of fossil fuels.

Solar Panels are Durable

You will likely be able to keep your solar panels for longer than 30 years because they are very durable. Many residential solar panel systems have a warranty that lasts 30 years and you'll likely be able to keep your solar panels for much longer. They are able to withstand wind, snow and strong weather conditions.

Solar Costs are Predictable

The electricity that you receive from utilities is not a fixed cost. You cannot predict how much your energy bills will cost. However, when you use solar panels, you will essentially be receiving electricity for free after you have paid for the initial installation. If you lease the solar panels, you will be paying a monthly fee that is consistent. If you use more energy than what your solar panels produce, you will still be tapped into the main power grid.