Is It Worth Getting Solar Panels On My House

Almost everyone who installs solar panels sees a reduction in their electricity bill.

Is it worth getting solar panels on my house.

In some cases you can actually get reimbursed by the power company because your house is so energy efficient. Are residential solar panels worth it for my house. While solar leases and power purchase. 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.

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. 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. You don t have to wait for years or even months to start noticing savings. 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.

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. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. Much like leasing a car you don t pay much if anything upfront but you pay the. How are you financing your solar panel system.

With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25. If your home is in an area of the country that receives. The company installs solar panels for you in exchange for letting it collect your government incentives. An easy way to get a good estimate is by finding your location on solar maps provided by the national renewable energy laboratory nrel.

And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. 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.