Electricity generation from fossil fuels is one of the biggest polluters of our time and is responsible for over 75% of greenhouse gas emissions. Solar power is humankind’s best answer to the growing threat of global warming and our inevitable extinction. Residential solar panels also offer several benefits for those who install them, but they might not be ideal for everyone.
The first step in any home improvement project is always considering the potential ROI of your efforts. Read on to find out if the expense involved in installing solar panels is worth it.
The Average Cost of Solar Panels
The cost of installing solar panels depends on numerous factors. These include how much electricity you need, your location, and your home’s orientation.
On average, homeowners report that they spend between $15,000 and $20,000 to install a solar system in a 2,000-square-foot home. Apart from the cost of the solar panels themselves, you may also need to pay for an inverter and a battery backup system, depending on whether you opt for an on-grid or off-grid installation.
You can apply for various solar loans to help you afford the initial cost of your solar system.
Solar installations that give you complete independence from the grid mean you’ll never receive an electricity bill again. Grid-connected systems cost a little less to install and guarantee considerable savings on your monthly bill.
Depending on the option you choose, it could take between 8 and 10 years for your solar panel installation to pay for itself. If you pay cash for the installation, you may enjoy substantial savings on your annual taxes.
Other solar incentives include supplier discounts or agreements with local power companies. Read this to learn more about the types of solar panel savings you might find in your area.
When Are Solar Panels Worth It?
Unfortunately, solar panels aren’t the ideal solution for everyone. Several factors may affect how much you benefit from a solar installation.
These are:
Where You Live
If you live in a sunny location, you’re in an ideal position to install solar panels. That’s because of how solar panels work, i.e., the more direct sunlight they receive, the more power they produce.
Your location also plays a role in how much you’ll save by installing solar panels, as energy costs vary from state to state.
Your Home’s Roof
In some cases, your roof could be the biggest obstacle to solar savings. Panels placed on shady roofs won’t generate as much as those installed on roofs with a clear path to the sun’s rays.
Steep roofs with many obstructions may hamper your solar installation, resulting in higher labor costs when installing solar panels. If most of your roof faces south, southwest, or west, your solar panels are in the best position to generate enough electricity for your needs.
Your Electricity Needs
Most residential solar installations can generate between 350kWh and 750kWh of electricity per month. If your electricity consumption is less than the average, it might be cheaper to stay connected to the grid.
You can discover how much electricity your home uses every month by comparing your electricity bills for a few months. When you divide that amount by 30, you’ll get your daily consumption.
For optimum savings, it’s important to choose solar panels that can generate enough electricity to keep you powered each day. Bear in mind that the number of solar hours available in your area will impact the productivity of your solar panels.
Fewer solar hours mean you’ll need more solar panels to meet your needs.
You can reduce your daily consumption by replacing your electric oven with a gas-powered one, installing a tankless water heater, and implementing energy-efficient light bulbs throughout your home.
The Benefits of Solar Panels
Installing solar panels brings several benefits to homeowners. These include:
Reduced Electricity Bills
Most solar panels last for up to 25 years. So, once you’ve paid off your system, you can look forward to over a decade of savings on electricity which can amount to many thousands of dollars.
Installing a battery backup system is the best way to maximize your savings with solar. That way, you can use stored energy at night or when conditions are less than ideal.
Solar panels help you avoid the inconvenience and losses associated with extended power outages. This is especially relevant if you work from home.
Increased Home Value
Most home improvements mean you can sell your home for a higher price one day. Solar panels have the added benefit of creating increased interest among potential buyers.
Buyers know that a paid-off solar installation will benefit them with considerable savings after they buy a home. This means you could attract a lot more buyer interest in your home and sell it faster.
A Lower Carbon Footprint
No discussion about the benefits of solar power is complete without mentioning the bigger picture. Even if you lose money on your solar installation, it’s still worth it in terms of doing your bit to alleviate global warming.
Nowadays, there’s a solar solution to suit almost every homeowner.
By signing up with a solar provider, installing solar panels on your roof, or entering a solar lease arrangement, you can help reduce carbon emissions and combat air and water pollution.
The Cons of Installing Solar Power
There are very few negatives associated with installing solar panels. For most homeowners, the high initial cost of a solar installation is the biggest drawback associated with this type of sustainable energy.
Others find solar panels unattractive and feel they detract from the appearance of their homes.
Upgrade Your Home and Your Lifestyle
To sum up, solar panels are worth it for homeowners who live in sunny climates and use over 350 kWh of electricity every month. If you have a simple roof with no overhanging trees, you’ll also save with solar.
Thanks to solar loans, power purchase agreements, and solar leases, solar power is more accessible than ever. So, it’s worth doing your bit to lower carbon emissions and reduce global warming by installing solar panels.
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