Is Solar Panels Worth Getting

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.

Is solar panels worth getting.

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. Are residential solar panels worth it for my house. Depending on the cost of installing solar panels it may no longer be worth it if you re thinking of getting them. However what makes solar panels worth it are the robust federal and state incentives.

An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. If you submitted an application for the scheme before 31 march 2017 you ll still get paid for generating electricity for the full 20 years. 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.

Should i still get solar panels. With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25. Energy companies do not have to start making payments under the seg scheme until january 2020 but one company octopus energy has already launched two tariffs. While solar leases and power purchase.

But it s not a straight calculation. How are you financing your solar panel system. The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation. If a homeowner paid 18 000 for solar those panels don t necessarily add 18 000 to the resale.

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. Panels that are owned add some value to the resale. 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.