Should I Get Solar Panels for My Home?

In the past decade, solar has had a growth rate of 33%. There is now enough solar-generated electricity in the US to power 23.3 million homes. But is it the right choice for you?

There are several pros and cons to consider when installing panels. Read on as we discuss if panel installation is right for you.

How Much Does Panel Installation Cost?

The first thing you need to check when deciding if solar is for you is the cost. A standard residential panel system can fall between $3500 to $16000 depending on the type and size of the home.

As well as the cost of the panels and labor for the panel installation process, there will be some other added costs. You will need to choose an inverter and metering equipment.

After this, you may even want to consider battery storage. You can read about solar costs in more depth here.

Will Installing Panels Save Me Money?

The length of time for your original expenditure to overtake the savings you make depends on several factors. First, consider the cost of your solar PV system. How much energy is generated, how much you can use and if you make money by selling it back are also something to think about.

Can I Get Paid for Creating Solar Energy?

Depending upon the country or state you are in, there may be a scheme in place in which you can sell energy back to the main grid. When you create excess power that is not used, you can be paid for each unit of power sent back.

If you choose a local solar panel installation company they should know the current offers and predicted money you can earn.

What Subsidies Are Available?

A local company should also be able to inform you of any state or federal incentives. These can change regularly, meaning determining them can often be challenging. Generally, the government has operated schemes that have provided around 30% of the system’s costs in tax credits.

What Are the Disadvantages of Solar Panels?

The main disadvantage of solar panels is that you will generally have to wait a long time to see any return on your investment. While prices are coming down and incentives can recoup some of the cost, it is still a costly process. The better the equipment you buy, the more efficient it is, but the higher your initial outlay remains.

Your climate also has a huge impact on the amount of energy you can produce as well. In some areas, it just may not be feasible.

However, all of this should be offset by the fact that you are investing in a way to go more eco-friendly. Though you may not be making your money back you are helping to save the environment.

Is Panel Installation Right for Me?

Now you know the different factors, you can decide if panel installation is right. It all comes down to your initial budget and how much energy you use. A local expert should be able to advise you.

This article is one of many to assist you. From solar to insulation, we can help you save money in the coming year. Visit our blog for help on how to keep utilities down and save money.


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