Are Solar Panels Worth It?
The answer to this question depends on a number of factors, as well as your own reasons for considering going solar. What follows is a straightforward guide to help you decide if going solar is right for you.
Figure Your Current Cost for Electricity
First of all, what is your major motivation for considering switching to solar panels? If it’s to save on your electricity bill than the first thing to do is to determine how much you will save by installing solar panels. Everyone pays their current utility company for every kilowatt-hour (kWh) used in their home or business. The rates vary significantly depending on where you live. Some areas in the country pay as little as $0.08 per hour whereas others pay $0.20 per kWh or more.
Obviously, the higher your current rate, the more you save when you install solar panels which are the equivalent of a mini power plant on your roof.
Cost of the Solar System
Solar system purchase and installation prices vary depending on who does the installation and the cost of the system they are installing. Other factors include solar incentives and rebates available to you on a local, state, and federal level. A good installer can help you to find the right mix of price and quality for your home as well as help you to calculate when you will break even on your investment and start realizing a return.
If you have reviewed your reasons and are satisfied that switching to solar is something that you want to do, then how your finance your decision will decide your return on your investment (ROI).
People able to pay cash for a system save more money than those who take out a loan or use solar leases and power purchase agreements. Choosing to purchase your system with a zero-down loan will still realize thousands in savings over the life of the system as well as an increase in their home’s value. Leases require no money down and have a maintenance free option.
The trade off is that they save you less money over time on your utility bills and do not add any value to your home. They can detract from value if someone buying your home does not want the system left in place. Whatever your motivation, we can help you find the right installer in your area to help you understand the process as well as your options. Check out SunLynk today to get started.