Are Solar Panels Worth It
Are Solar Panels Worth It
Are solar panels worth it?” is a question that many people ask themselves when considering the financial commitment of installing solar panels. While there are some upfront costs, in most cases they will end up saving you money in the long-run. This article discusses how to calculate if solar panels are right for your home, and points out benefits such as lower utility bills and environmental responsibility!
Solar Systems Generate Electricity and Savings
Solar panels offer a great return on investment in the long term. Many people are worried about whether or not solar panel installations are worth it, because of how costly they can be upfront. However, when you take into consideration all the ways that installing them will save you money in the future, solar power is definitely worth the initial investment. In the majority of cases, the initial costs of your installation will be paid off in just a few short years with the help of the savings you will make from lowering your utility bill costs, the solar tax credit, and other local incentives. After installation costs are taken care of, you can enjoy saving on average $1000-$2000 per year for the lifetime of your solar energy system, which should last about 25-30 years if installed correctly with the proper equipment. Thanks to solar panels receiving so much sun exposure in Florida, the average solar savings are typically anywhere from $30,000 to $50,000 for the life span of your system, and this is after factoring in what solar panels cost!
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Solar Tax Incentives
You can save money by installing solar systems in multiple ways. On top of the savings that come from lower utility bills, you can receive rebates from the government. This is because there are a lot of state and federal tax credits available to those who make environmentally responsible decisions such as this one! It’s important to note, however, that certain states offer more financial incentives than others. Currently, in the state of Florida, there is a 26% tax credit that is calculated off the cost of your solar installation. That means whatever you pay for your install, you will receive a rebate of 26% of that cost on your federal taxes. For a general idea, the average cost of installed solar for residential property is $15,000, give or take a few thousand depending on the size of the system and amount of solar power your home requires. The federal tax credit would knock off $3,900 in this scenario! We have had clients that have had their taxes completely paid for from this government incentive alone. This number is set to decrease to 22% in 2022 and continue to go down over the years.
Higher Energy Needs Equals Higher Savings
The amount of energy you use will determine how much you’ll save with a solar panel system. On average, if you have a home with about 2000 square feet or less of total roof space available for solar panels, it will cost around $15,000 without government tax credits. This price can vary greatly depending on all the factors mentioned below and how much energy your household uses. If your energy usage is high every month, you can see significant reductions in Even if you typically have high energy costs, our home solar energy systems in most cases are able to eliminate your electric costs entirely (you will still receive a bill every month, but it can be for $0 aside from service fees) and you will enjoy the benefits of little to no energy expenses for the next 25+ years. Stop investing all your money into utility companies and start putting it towards renewable energy sources that will lower your power bill!
Calculating Solar Savings
Let’s do some quick math for an example. Say you typically spend $150 a month on electricity, a complete solar energy system that produces enough energy to cover the cost of your electricity would save you $1,800 per year. Your solar installation cost is $15,000, and after the 26% Solar Investment Tax Credit it equals out to $11,100. This means that the savings you benefit from just your energy bills alone will have your installation paid off in just over 6 years, and your total savings over a 30-year span would be $54,000. Now subtract the cost of the install, and you are looking at a total savings of $43,000 for the life span of your solar system! The amount you can save on your utility bill depends entirely upon how much electricity you use, and whether or not it is time for a new roof. If your house has already been built to withstand solar panels, then they are definitely worth considering! Your installer should be able to provide an estimate on how much you will save on your electric bill from utilizing the sun’s energy.
Sell Power back to the Local Utility Grid
Solar Prices are stable
Energy rates are always increasing with inflation. You can avoid these skyrocketing prices and this will save you even more money in the long run! The cost of solar energy is consistent and will remain consistent, unlike the ever-rising electricity rates from the local utility company. The cost of the average monthly electricity bill has tripled in the last two decades and is predicted to keep climbing. Making the switch to a renewable energy source that is dependable will by itself make solar panels worth their money.
Increase in Property Value
Environmental Benefits of Solar Power
Now that we’ve covered most of the financial benefits of solar installations, let’s talk about how you will be doing your part to lower your carbon footprint.
The sun is a renewable resource, so you are helping to reduce the use of fossil fuels that have been polluting our earth’s atmosphere. This helps combat greenhouse emissions and those nasty pollutants that are causing the planet to suffer. This has many positive effects on society as it will lower global warming and slow climate change.
Ask Solar Companies about Financing
Consider a Solar Loan
If you are still concerned about the initial cost of solar panels and do not have the means to pay in cash, ask your local solar companies about a solar loan. Once approved, you can use the immediate savings that you get from lower electricity bills to put towards paying off the loan. You will also still qualify for government benefits such as the federal solar tax credit.
Lease Solar Energy
Homeowners also have the option for a solar lease, in which you do not own the solar panels but instead pay a monthly financed bill for the energy that the solar array produces. Although savings on electricity costs won’t be as high as if you owned a solar system, your monthly bill will still be much lower than conventional energy from the utility company. In some agreements, the company you are leasing from will allow you to buy solar panels for a reduced price after a given period of time.
Types of Solar Panel Systems
Ask Questions Before Installing a Solar Panel System
It’s important to consider all factors when making this large financial decision – such as whether or not your home has enough space for the system and if there are any zoning restrictions that would prohibit their installation in certain areas. When you call us out for a consultation, we take care of all this for you. In a majority of cases, we can find solutions for problems that would prevent your home or business from going solar. Our team of local installers knows how to make solar panels worth well beyond your initial investment. If your roof is not shaded, you have enough space to accommodate the system – then solar systems are definitely worth looking into! We’re always available by phone or email if you’d like more information. Even if you’re roof is covered by too much shade and does not receive a lot of sun exposure, you can still benefit from solar panels as they do not have to work off of direct sunlight. Better yet, we can look into installing ground mount systems somewhere on your property.
Install Solar with a Company You Can Trust
Solar panels are a great investment and we hope this article has helped show you that solar panels’ worth far outweighs their cost. As you now know, they’re worth the cost of installation and maintenance for many reasons, including their ability to save you money on your electricity bill over time by generating power from sunlight without any moving parts or emissions. We can help guide you through this decision-making process with our team of experts who have experience installing solar panels all around the state of Florida – we know what questions to ask and how to find out if it will be worth your while! If you want more information about whether solar is right for your home or business, give us a call today and see how much money you can potentially save! For those that already decided they wanted solar but weren’t sure where to start, we provide free consultations as a part of our service. Give us a call or fill out a free quote form to get the ball rolling!