Is It Worth Getting Solar Panels On My House

If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.

Is it worth getting solar panels on my house.

Americans are investing in solar power installing enough systems to power 12 3 million homes in 2018 according to the solar energy industries association a trade group. If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in. While it is up to each of us to decide the best way to spend our hard earned money residential solar panels compare very favourably to other traditional forms of investment. The answer depends on many factors including where you live how much roof space you have if your roof is shaded how much power you use what your local utility charges you for electricity and the prices offered by.

How are you financing your solar panel system. The company installs solar panels for you in exchange for letting it collect your government incentives. Much like leasing a car you don t pay much if anything upfront but you pay the. Almost everyone who installs solar panels sees a reduction in their electricity bill.

You don t have to wait for years or even months to start noticing savings. While solar leases and power purchase. With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25. An easy way to get a good estimate is by finding your location on solar maps provided by the national renewable energy laboratory nrel.

But whether or not those solar panels pay off depends on a lot of factors from the cost of electricity in your area to the shape of your roof. Solar panels help you see a return on your investment right away too. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. With the 26 federal tax credit reducing at the end of 2020 millions of american homeowners are asking themselves whether or not installing solar panels is worth it this year.

If your home is in an area of the country that receives. In those events you have to rely on a generator or buy a battery backup for your solar system.