A reduced utility bill, an improved environment, and increased self-reliance are just a few of the benefits of going solar. Like any renovation in your home or office, installing solar panels takes time and planning. There are decisions you will need to make that will impact the amount of money you will save. Here are some factors to consider before investing in solar energy.
The True Cost of Going Solar
Installing solar panels in a home will cost between $15,000 and $25,000. There are federal tax credits and state tax credits that can reduce this cost. Certain cities have incentives that can further lower the cost of installing solar panels.
How Your Home and Its Location Impact Solar Energy Production
Most people install solar panels on the roof. If you are going to replace your roof over the next five years, it will be best to do it before installing solar panels.
A common myth is that to get your money’s worth from solar, you need to live in a state that has sunshine year round. States in the east, like Massachusetts and New York, have more solar panels than most states. Even though they receive less peak sunlight, they still get enough sunlight to make the investment worthwhile.
Determining How Much Energy You Will Need
You can use an off grid solar calculator to give you an idea what your home requires from a solar panel system. Some use solar panels as their sole source of energy. Others opt for an on grid solar panel system. This means they are connected to the city’s electrical grid. When they are not pulling energy from their solar batteries, they will get energy from the city.
Some homes produce too much energy. To prevent that added energy from going to waste, it can be fed into the city grid. You will be given credit on your utility bill. This system is referred to as net metering. If you are off the grid, the extra power will go into your battery storage and is saved for a time when there is not much solar power available.
Will Solar Panels Save You Money?
Yes. The amount of money panels can save you varies based on a few factors. First, there is the size of your solar panel system. Second, there is your energy use. If you live in a less sunny state, you may have a slight reduction in the money you save. For example, over the course of 20 years, an average home in California will save around $40,600. Over the same two decades, a home in New York, which has fewer hours of peak sunlight, will save around $35,400.
Conclusion
Solar energy is abundant. The sun is producing 10,000 times more energy than what the entire planet needs to function every second. Solar energy is clean, renewable, and safe. Installing solar panels all but guarantees a 100 percent plus return on investment. These are just a few of the reasons many have opted to invest in solar panels.
