Are your home energy costs soaring? Do you wish you could rely less on fossil fuels and more on renewable energy? If you are looking for ways that you can save money and help the environment, you should consider getting solar!
Residential solar panels are becoming more and more popular. Depending on where you live, you could save a lot of money on home energy costs. You may even receive incentives to help counter the initial costs of getting solar panels for your home.
Keep reading to learn more about how to get solar panels and the impact they can have on both your home and your wallet.
Should I Get Solar Panels?
There are many things to consider when deciding whether to get solar panels or not. The cost of the panels and installation are just two factors. You also need to consider your location, the cost of electricity, and any possible incentives you may be eligible for if you install solar for your home.
Find a reputable vendor like Blue Raven Solar can help you negotiate which equipment is best for your home and how much of it you need. They will evaluate the best place to install your solar panels to have the biggest impact on your energy production.
Cost of Getting Solar
When you’re wondering how much does it cost to get solar panels, there are two main factors that will affect the price: the quality of the equipment and installing it. According to the Center for Sustainable Energy, the average cost of panels and installation is between $15,000 and $25,000.
This may sound overwhelmingly expensive. However, high-quality solar panels can last up to 20 years. There are lower quality panels that will cost less, but they will not last as long nor will they have the same energy and cost savings.
Most systems won’t require maintenance over the years, so you won’t have many expenses after it is installed. Take time to research and compare equipment to find the combination of quality and longevity that works for your price point.
Determine How to Get Solar Panels for Your Home
One of the main factors to consider when deciding whether or not to get solar panels is the location of your roof. The size, pitch, and direction your roof faces will affect the amount of electricity you can produce with solar panels.
The more panels you can fit and the more sunlight they’ll receive, the more electricity they’ll produce. So large roofs that face south and are unshaded are ideal. But you can still see significant savings with panels facing southwest, southeast.
Panels put on roofs facing the west can have an impact on savings, even if they produce slightly less electricity overall. A west-facing panel is useful when you want to generate energy in the afternoon to help counter the peak rates your power company charges.
Surprisingly, you don’t have to live in the southwest in states like Arizona, Nevada, or California to save energy with solar. Many states in the Northeastern US get enough sunny days to impact their energy output and save money.
Incentives for Getting Solar Panels
There are state and federal incentives for installing solar panels on your home. Currently, there is a federal tax credit allowing you to claim 26% of installation costs in 2020 or 22% of those costs in 2021 as a credit against the amount of taxes you owe.
Some states also offer property tax exemptions, waived and/or expedited permit fees, or cash back incentives. Some states will let you sell any excess power your produce to your local utility company.
You can research the State Incentives for Renewable Energy database to programs available where you live. These incentives and rebates could reduce your net cost by as much as 50%.
How Much Will You Save by Getting Solar?
Your personal cost savings are determined by your current electricity bill. You pay for electricity by the kilowatt-hour (kWh). This can range from 8 cents to 20 cents per kWh, depending on where you live.
Installing solar panels allows you to create your own energy and replace what you need to buy from the local utility company. First, determine how much energy you can generate with your own panels versus how much you need to run your home. You may be able to replace some or even all of the energy you require.
Most panels can last you 25 or even 30 years and still maintain over 80% power output. And they require very little maintenance. Over time, your yearly cost savings will grow without any added expenses.
Most people find that their average payback period is around seven years. That is the amount of time it takes for their energy savings to equal the cost of the equipment and installation. Everything beyond those first seven years then is pure cost savings.
In addition to saving money, you may also be able to earn money! If you live in an area that lets you sell back your additional energy, you could make money for the energy you sell back to the utility company.
Adding solar panels to your home can also increase its value by over 4%. If you plan to sell your home, this additional value could increase your profit on the sale price from your home by upwards of $15,000 or more.
Getting Solar Can Be Worth the Investment
If you’re considering the option of getting solar, most people will find it’s a worthwhile opportunity if you live in an area with sunny days and high energy rates. If your roof is large enough and gets unshaded sun, then getting solar panels can save you money and increase the value of your home. Plus, it’s good for the environment!
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