Are Solar Panels Worth the Investment? How To Decide
Solar panels are a cleaner way to generate electricity and lower your dependence on outside sources for power. Whether solar power is the best choice for you, your home, or workspace, and your needs depends on several circumstances. If you’re asking yourself, “Are solar panels worth the investment?” here’s how to decide.
A Suitable Space
The best place for solar panels, at least for most homes, is the roof. But not every roof is ready to handle the weight and placement of solar panels. When the solar panel company inspects the roof, they may inform you that you need to make certain repairs and adjustments first. If your roof is nearing the end of its usefulness—which can be anywhere from 12 to 30 years, depending on the composition of the shingles, the quality of the beams beneath, and so on—you need to take care of that job first. Likewise, look for trees to trim as well as other physical things to change before installing your solar panels. If you don’t, the solar panels won’t be worth it.
How Long You Plan To Stay There
Are solar panels worth the investment? Here’s another tip on how to decide. Seeing a return on your investment may not be readily apparent. It may take a bit for you to recoup your investment, so don’t plan to move too soon after installation. You may be able to sell your home at a higher price because pre-installed solar panels are a definite selling point. If that’s your plan, so be it, but if you want to see the benefits of solar panels, don’t leave too soon!
Check Your Budget
Solar panel arrays aren’t cheap, and before beginning the process of installing them, you should crunch the numbers to discover what system you can afford. Some sites put the low end at around $5,000, with larger and more elaborate systems running in the range of tens of thousands of dollars. Add that to the costs of installation, the necessary changes mentioned above, and whatever additional equipment you might need, including a 48-volt lithium solar battery system, and be sure that you can afford it. On average, solar arrays don’t pay for themselves for at least four years, though it depends on the system.
Look for Extra Benefits
For now, a federal tax credit is available for those who install solar panels to their homes to save energy. Presently, you can claim up to 26 percent on installation costs, but this may go down, so consider moving swiftly on this. Look to your state as well to see if there are incentives and exemptions available that can further reduce costs and taxes. In some cases, utility companies may buy up any extra power your solar panels generate. But again, you may need to build fast and take advantage of these breaks now to ensure that installation meets the deadlines and your budget can handle these adjustments!