The cost of solar panels has been decreasing steadily in recent years, and now is a good time to look into the possibility of installing them on your house. Solar panel prices have fallen dramatically in recent years. In fact, they are now within reach for most homeowners. But before you make the investment, it’s important to know what you’re getting into.
What is Solar Power
Solar energy, or solar power, is the term typically used for energy that comes from sunlight. This can be done by harnessing the sun’s rays and turning them into electricity. The way solar panels work is simple: they absorb light and transform it into electricity to power your home.
Why solar panels are a good choice
There are many reasons why solar panels are a good choice for homeowners. For example, they help the environment because they don’t emit greenhouse gases like power plants do. They also save money by reducing your electricity bills. The average monthly savings is $100-$200 per month, depending on how much sun your house gets. And you’ll pay off your investment in the first 5-8 years.
The cost of solar panels has come down dramatically in recent years. They are now within reach for most homeowners and offer many benefits to the homeowner as well as the planet.
The financial benefits of solar panels
There are many financial benefits to solar panels. Solar panels can save you anywhere from $100-300 per year. That may not sound like a lot, but that’s an extra $1200-$3000 over the life of your solar panel system.
Solar panels also qualify for federal and most state incentives. Depending on where you live, you might be able to get a 30% federal tax credit and 50% rebate from your utility company. This is worth it because most people can recoup their investment in solar panels within 7-10 years.
Another benefit of installing solar panels is that they don’t require any maintenance, which can make them more cost effective in the long run. Solar panels are easy to maintain because there are no moving parts or other mechanical systems to worry about. You simply clean them once a year with soap and water while checking for wear and tear on the surface of the panel.
Do they pay for themselves?
Solar panels will likely not pay for themselves. Solar panels are a long-term investment that takes a few years to pay off. If you’re looking for an immediate financial return, solar panels are not your best bet. Instead, think about the long-term benefits of installing them.
Many people don’t know this, but solar panels can help you reduce your utility bills and save money on energy costs. Some homes have been known to see savings upwards of 75%. Imagine what you could do with all that extra money! The average home could save around $60 a month by going solar. You’ll also be doing a small part in reducing the world’s dependence on fossil fuels and lowering the Earth’s carbon footprint.
What to consider before installing solar panels
The first thing to consider is whether or not solar panels are the right investment for you. If you have a home that doesn’t use a lot of electricity, then it might not be worth investing in solar panels because the return on investment just isn’t there. But if you have a home that uses a lot of energy, then it could be worth it for you to install solar panels.
Some people also wonder how long they need to stay in their house before they can break even on the installation price. According to Solar Power Rocks, most people will break even within eight years from either leasing or owning their system. And after that, your savings could range from $20,000 to over $100,000 depending on how much power your house consumes annually.
A final consideration would be whether or not there are any tax incentives available for purchasing and installing solar panels. Depending on your state and local laws, you could get a nice tax incentive for making this investment in your home’s energy efficiency.
Location of the house
The location of your house is a big factor in whether or not solar panels are worth it for you. If you’re living in an area with a high cost of electricity, then the decision may be a no-brainer. Areas with a higher cost of electricity will see a greater return on their investment since they will pay less per kilowatt hour. If you live in an area that has lower rates, then your return on investment might take longer to reap.
The roof type you have will play a big role in whether or not solar panels are right for your home. If you have a flat roof, then solar panels may be the perfect investment for your home. But if you have a pitched roof, they likely won’t work because they won’t be able to generate much power from the sun.
The panels should be protected from the sun’s rays, even during the day. They can get very hot and can burn anything they touch. If you live in a really cold climate where the temperature falls below freezing, you should consider what will happen to your panels if ice accumulates on them.
The first thing you should consider is the electrical wiring of your home. If you have a lot of electrical outlets and plugs that will soon be overused if you install solar panels, then it’s a good idea to install a breaker box or upgrade your wiring before installing solar panels.
The next thing to consider is whether or not the roof on your house is angled in such a way that it gets full sun throughout the day. If this isn’t the case, then you’ll need to invest in a mounting system that can track the sun as it moves through the sky.
Finally, there are some other physical factors to take into consideration, like trees and shade created by roofs, windows, and structures around your house. These can affect how much sun reaches your panels during certain parts of the day.
Above all else, remember that determining if solar panels are right for your home really comes down to math: The price of installation should be lower than what you’ll save from its use over time.
For homeowners interested in reducing their carbon footprint while saving money on their electric bill, solar panels are a smart investment. Learn about the different types of solar panels, what they’re capable of, and how they work before you make the decision to invest in solar power.