As electricity prices continue to skyrocket, more households are turning to different sources of renewable energy. People are rushing to install their own home solar system to reduce monthly energy bills, especially now that the price of solar panels has become significantly more affordable. Many homeowners have noticed that even general solar panel installation cost is low, too.
Indeed, even though home solar systems have risen in popularity over the last decade or so, they’ve been around for far longer than that. But thanks to the energy crises we face today, this kind of green technology has become attractive to homeowners only very recently. Still, it’s not hard to see why. Even if they aren’t necessarily in it for its environmental friendliness, the concept of reducing—or completely eliminating—monthly energy bills is something a lot of people want.
Therefore, is it fair to say that regardless of one’s situation, solar panel installation cost is worth it?
Here are some factors to consider:
How Much Are You Paying for Energy Monthly?
If you live in a state with high energy rates, solar panels are definitely more valuable for you. You can use a map or overview of electric rates to see how your state compares to others, which you can find by visiting the website of the U.S. Energy Information Administration. Your bill should be enough to confirm the rate per kilowatt hour.
What are the State Incentives Available for you?
Different states offer homeowners their own incentives for going green—aside from the federal tax credit. Check if your state pays residents for installing personal solar panel systems. For more details regarding the other incentives, you can search for your state in the Database of State Incentives for Renewables & Efficiency or consult with a licensed and certified professional.
What System Size do you Need?
People who sell solar panels tend to be overly optimistic about how much a single solar power system can generate. Before buying a unit and paying for solar panel installation cost, be sure to run the numbers yourself through the Energy Department’s impartial PVWatts Calculator first. This gives you an idea of the size of the solar panel system that will best suit your home.
How’s the Weather in Your Area?
Solar panels work in almost all states, except in some parts of Alaska. You can verify the average number of days of sun in your state by looking it up on the internet. The numbers will also give you a feel of how productive your solar power system can get.
Do Solar Panels Fit in Your Budget?
As mentioned earlier, solar panel systems are extremely affordable now. Even if you feel like you can’t cover the cost, there are dozens of different payment options offered by certified manufacturers and distributors.
For instance, solar loans are one of the most viable payment alternatives for homeowners. A secured solar loan uses the person’s home as collateral. The quoted rate is much lower in comparison to an unsecured solar loan, and it will have a tax-deductible interest.
Solar panels are a major investment, so be sure to do your research about solar panel installation cost before you purchase anything. Do not let yourself be distracted by the hype. Instead, focus on the maintaining and optimizing your solar panel system, and you’ll almost certainly be living with it for many years to come.