There are enough solar panels installed in America to power 15.7 million homes. Over the last decade, solar panel installation has seen a massive surge in popularity.
Many homeowners took advantage of the tax benefits to have the panels installed so they could start enjoying reduced monthly energy costs.
With all of the good things being said about solar panels, it probably has you wondering, are solar panels worth it? Read this guide and find out if going solar is the right choice for you and your home.
Are Solar Panels Worth It?
The most common question homeowners have is, is solar worth it? The answer is that it depends. To know if going solar is worth it for you, ask yourself these questions.
- What are your current electricity bills?
- How much will the solar system cost?
- How are you going to finance your solar system?
This will help you determine if solar panels are a smart investment and help you compare the best solar companies.
Do You Really Save Money With Solar Panels?
Yes, you can save money with solar panels. Electricity costs range from 8 to 20 cents or more per kilowatt-hour depending on where you are in the country. The more expensive your electricity costs, the more you can save.
Are Solar Panels a Good Investment?
It can be tempting to invest in a cheaper or smaller solar system. This could result in bigger immediate savings because of the smaller immediate investment. But to enjoy bigger long term savings, you should consider investing in a larger and higher quality system.
This will deliver you the greatest return on your investment over the lifetime of the system.
Solar Panel Installation Incentives
When looking at the cost of your system, you need to factor in the rebates and incentives that can reduce the overall cost. The federal government offers tax rebate incentives. However, you’ll need to act quickly because these are scheduled to reduce in the next few years.
Many states, municipalities, and cities also offer incentives. You may also be able to receive a cash rebate from your utility provider.
What About Financing?
If you can afford to pay for your solar system with cash, then you’ll save the most. However, you can still enjoy savings if you need to finance your purchase. There are several no money down financing options for solar panels.
With these loan options, you’ll save a portion of what you would if you bought the system with cash. Shop around to find the most favorable loan terms.
Install Solar Panels Today
As you can see, the answer to are solar panels worth it is yes, they are. But to determine if they’re worth the investment for you, you’ll need to analyze your current financial situation.
Compare your current energy costs with the cost of installation. Once you find a company that provides a quality service and product, you can make arrangements for the installation of your new solar system.