A home’s average monthly electric bill is around $117.
High electrics bills will cause you to start double-checking light switches, using more candles to light a room, and opening up the windows instead of using AC. Utilities are expensive.
It’s time to take a step of action that’ll bring your energy costs down for good. Your family is thinking about installing solar panels, but you’re not sure if it’s worth it in the end.
Below we’ve provided a quick guide on solar savings. Make sure to keep reading if you really want to know if you can save money.
Using Solar Energy Isn’t Free
Many solar panel companies will advertise solar energy is free. While the sun does provide UV rays at no charge most days, there’s still a solar installation cost to take into account.
Contact multiple companies in your area about installation costs, and then sit down to compare the estimates. The installation price will depend on several factors, including how many panels you’re putting on your home.
It’s tricky because you’ll have better solar energy savings if you capture more sunlight, but it’s more expensive to install a greater number of panels. Take some time to think about where you live, the general climate, and just how much sun you get every day.
The good news is homeowners get a pretty decent tax credit when installing panels.
Decide How You’re Paying
Installation costs are anywhere from $15,000 to $20,000. Those are big numbers, so you might want to pull up a solar panel savings calculator to do the math. There are plenty to use online.
Because most people don’t have that sort of money to drop on any given day, you’ll need to decide if you’re going to lease the panels or take out a loan. Solar power is complex, so don’t rush this decision.
If you want to take out a loan, check with your bank. Some banks offer loans specifically for solar energy panels.
When leasing the panels, you’ll buy solar power but not own the panels. Check with different companies about their guidelines and agreements around leasing.
As you decide how you’re paying or whether or not you even want panels, think about how long you plan on staying in your home. If you plan on moving soon, it’s probably not worth it.
The Verdict
We hate to put this on you, but we have to put it on you.
Solar panels are worth it if you’re home is a long-term investment, you’re able to find a trustworthy and affordable solar panel company, and your house gets plenty of sunshine.
It may not be worth it if you’re moving soon or you live somewhere where it’s often cloudy and dreary. There are a lot of factors to consider when making the decision.
Solar Savings: Is It Worth It?
While many of us lay in our backyard and soak up the sun for free, using solar energy isn’t free. Deciding if the solar savings are worth it is a personal choice.
Consider the investment of your home, and evaluate just how much sun your home gets throughout the year. Call around to gather different panel installation estimates.
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