© ShutterstockRising energy prices have made many people think of alternative forms of energy, especially solar panels. Indeed, 500,000 solar panels will be installed in homes by 2021.
Although solar panels can be a great way to save money on future energy bills, it is important to weigh all the factors before installing solar panels in your home. The initial investment costs are particularly high and it often takes time to recover these costs through savings.
How much do solar panels cost?
Installing solar panels in your home will cost on average between $15,000 and $25,000, and since 2009 the prices have dropped every year. . Energy credit.
Although this loan can reduce the total cost by several thousand dollars, it is still a large initial investment. For this reason, it can be difficult to decide whether it is worth spending so much money in the long run. The following tips will help you decide whether installing solar panels will save you money over time.
How much is the electricity bill?
When deciding whether solar panels are the right solution for your home, it is important to reevaluate your electricity bill. Because they generate their own energy, installing solar panels can dramatically reduce or even eliminate your electricity bills. If your monthly electricity bill is high, you'll likely get more value by switching to solar panels. The more electricity you use each month, the more solar power you can save.
However, the savings depend on fluctuations in energy consumption and rates. Check the average electricity price by state for a better estimate of what you could save. The Homeowner's Guide to Solar Energy Transition also contains additional information on installing solar energy.
Sun exposure and roof condition
Another important factor to consider when deciding whether to install solar panels is determining how much sunlight your roof receives. Solar panels absorb sunlight to create a source of electricity. So if your home is in the shade most of the day, or you live in an area with very little direct sunlight, you may want to reconsider the installation. On the other hand, if you live in a very sunny area like Arizona, you will benefit more by installing solar panels.
You'll also want to check your roof before installing solar panels. Your roof may not be designed to support the weight of the panels. Also, roofs with a slope of 15 to 40 degrees are the most ideal for solar panels. Since solar panels can last up to 25 years, you may need to repair your existing roof or install panels in your garden.
How long does it take to pay the setup fee?
Before installing solar panels, it is also important to determine how long it will take for them to pay off. Take the initial cost, say $15,000 in this case, and then calculate the tax credit by multiplying that number by 0.30. This reduces $15,000 to $10,500.
From there, you'll want to divide that amount by the amount you pay for electricity each year. For example, if you pay $1,750 a year for electricity, it will take you about 6 years to pay back the cost of solar panels. Although it takes a while for the initial investment to pay off, you should also remember that solar panels last 25 years.
the end
Solar panels can help you save money on your energy bills while reducing your carbon footprint. If you find yourself paying high monthly electricity bills and your home gets direct sunlight, you can save money by installing solar panels in your home. Just make sure that recovering the original cost will not be a problem. These 7 things to know before installing solar panels will help you decide if they're worth it for your home.
