Are residential solar panels worth the cost?
As an American homeowner deciding to go solar, this question will likely be in your mind. The value of using renewable energy for your home and the environment is impeccable. However, its upfront cost can be discouraging.
In this guide, you’ll learn when residential solar panel systems are worth your investment. Read on and find out now:
How Much Money Do You Save with Solar?
One of the primary considerations for most people is savings. There are no hard figures, but it depends on the following:
- Energy needs
- Location
- Budget
If you use solar loans to pay the upfront costs, the interest rates also play a part. Regardless, the average payback period for residential solar panels is five to ten years.
You’ll have more savings when you live in an area with higher electricity rates. It becomes more apparent when your solar panel system supplies enough power to offset your entire bill.
When Is Residential Solar Panel Systems Worth Your Time?
As stated above, the primary factor determining whether your solar investment is worthy is your location. It goes beyond the amount of sunlight you receive. Here are some situations where you get the most returns from your solar panels:
You Have Enough Space on Your Roof
A solar panel system will work more efficiently when you have lots of surface area on your roof. It performs best when you have no obstructions like chimneys and other fixtures.
If you have a small roof area, installing a system is still possible. However, it requires higher-efficiency solar panels. These are more expensive, but they make the most out of your space.
Also, steeper-sloped roofs are more expensive due to the labor involved. Check if Blue Raven Solar locations include your region before contacting them. They can give expert advice and determine whether you’re ready for roof residential solar panels.
Your Roof Is South or West-facing
Your solar panels receive more direct radiation from the sun when your roof faces south, southwest, or west. It only applies when you’re in the northern hemisphere. With this, every panel will generate more energy.
Reputable solar companies will use satellite imagery and look at irradiation maps. They will calculate a solar system’s effectiveness for your home.
Your City Offers Incentives, Rebates, or Tax Exemptions
A lot of inexperienced homeowners overlook these benefits. Regardless, incentives like net metering can affect your solar system’s value. It allows you to sell excess energy to your local utility company for credit.
Tax exemptions and the federal residential solar energy credit can offset the high upfront costs. The best part is that Congress extended the benefits to 2024.
Invest in Residential Solar Panel Systems Now
These are some considerations before investing in residential solar panel systems. Use these to make a more informed decision in the future.
However, your residential solar panel system cost also depends on the company. Find the best deals online while ensuring solar installers’ integrity.
Did you find this guide helpful? If so, read our other posts today.
Follow Home Inside for more!