Nowadays, most people are quite aware of all the financial and environmental benefits that solar panels bring. But, it is just as important to mention how expensive a solar system is, whether you pay for it upfront or in installments. However, when everything is added up, are solar panels for your home worth it?
To help you decide, this article will assess the risks and benefits of installing a solar system and uncover whether it is really worth it.
Is Going Solar Worth It?
Truthfully, installing a solar system is not the right call for every home. In fact, there is a multitude of factors you need to consider before getting solar panels.
Does Your Home Get a Lot of Sunlight?
Naturally, sun coverage is one of the most important factors to consider. Solar panels are beneficial if you live in an area with a lot of sunlight throughout the year. Such states include California, Arizona, and Texas.
Thus, you should take a good look at your home and monitor how much sunlight it gets in a year. Though panels can indeed work in cloudy and rainy weather, having them as the only power source in such conditions might not be the most affordable idea.
Does Your Roof Qualify for Panels?
As you probably know, not every roof is suitable for solar panels. Panels require a lot of room, and they cannot function well if there are any obstructions in the way, such as chimneys or skylights.
Furthermore, steeper roofs are often quite difficult to work with. For one, some require custom-made panels and equipment that cost more. In addition, they are usually not as well-positioned to receive sunlight as flatter roofs are.
Therefore, it is best that you talk to a solar provider of your choosing and have them calculate whether your roof can really qualify for the panels. If going solar will require investing too much money all at once, then it might not suit your budget.
Are Your Electricity Bills High?
If you live in an area that usually has high electricity bills, getting solar panels can be worth it. Namely, the amount of money you save is always directly proportional to the amount you have to pay for monthly utilities. Thus, the higher your current bills are, the more you’ll be able to save with the panels.
But if your bills aren’t that high, installing the panels and paying them off might not be a good investment in the long run. Your savings will be quite modest, and they won’t cover the panel lease or any other financial needs you might have.
Are You Eligible for Incentives?
Solar panels are a worthwhile investment if your state or municipality offers tax cuts, incentives, or rebates. These incentives can significantly reduce your panel payback period and make the system much more affordable.
It is important to remember that not all municipalities and solar providers offer these stimuli. If such is the case with yours, installing a solar system and paying it off might be impossible. Therefore, you should check which incentives you can count on before you make any decisions.
Solar panels can help you save money on electricity bills and make your home more sustainable. However, sometimes, installing the system is not worth it.
Before you reach a decision, it is essential that you consider certain factors. These factors include how much sunlight your home gets every day and whether your roof is suitable for panels. Also, you should think about how high your current electricity bills are and check if your state or municipality offer any incentives on solar homes.
Once you have all the information, you will be able to gauge whether solar panels are truly a valuable addition to your home.