Are you debating whether to install solar panels on your home but now sure whether it’s worth it?
With average solar installation costs hoovering over $15,000, it’s understandable that you might be developing cold feet. At a time when most American workers are living paycheck to paycheck, not many people have that kind of money sitting around.
That being said, the number of people going solar is on the rise. As of 2019, there were 2 million solar installations, and this number is forecast to double by 2023.
So, are solar panels worth the cost?
Let’s shine some light on this issue and help you make a decision.
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The Cost of Solar Installation Varies
If it’s the cost of solar panels you’re worried about, there’s good news.
Just because the national average for solar installation is $15K doesn’t necessarily mean this is what you’ll spend. It could cost you a lot more than this, sure, but there’s also a chance it can cost a lot less.
It largely depends on your power consumption needs. Although the average home has multiple appliances that guzzle electricity and keep the energy bills high, you can save good money if your energy usage is lower than that of the average home.
If you’re one of the people who have embraced minimalism, which involves living in smaller houses and purging unnecessary electric appliances, solar installation could fit right in your budget. There are people who spend about $8,000 or less on going solar.
What’s more, there are financial incentives that will further reduce your cost of solar installation. In 2020, homeowners are free to claim a whopping 26 percent of solar installation costs from their federal taxes.
This means, if your quote came in at $8K, you’ll save about $2K in taxes. Overall, you’d have spent $6K to go solar. Now it’s starting to sound affordable, right?
Bear in mind that the federal tax incentives will keep reducing every year. It’ll be 22 percent in 2021, and, wait for it, 0 percent in 2022 (for residential installations).
No More Electric Bills
The average electric bill in the U.S. is $111 a month.
This might not sound like a lot when your finances are looking up, but if you’re living paycheck to paycheck or just lost your primary source of income, you dread getting your energy bill.
What if we told you that energy bills can become a thing of the past? With solar panels atop your roof, you’ll forget about energy bills.
You’re probably thinking about the cost of installing solar vs the convenience of paying slightly over $100 every month for your energy.
True, the initial solar investment is high, but look at the bigger picture. Do you want to pay 100 bucks every month for the rest of your life?
If your solar installation cost is $15K, this is equivalent to 150 months (or about 12 and half years) of energy bills. On average, solar panels last about 30 years.
You don’t need to be a mathematician to see that solar will save you a lot of money.
So, if you make the sacrifice and invest in solar today, you’ll not only eliminate energy bills for you, but also for your children.
Good for the Environment
People are looking for ways to live sustainably and help save the planet.
If you’re an environmentally conscious person, embracing solar power is one of the greatest things you can do for the environment. Solar power is clean and renewable.
Electricity from fossil fuels, which powers about 63 percent of America, is a leading source of carbon emissions, which pollute the environment and deplete the ozone layer. For the environment to stand a chance, we need to reduce this power output as much as possible.
The great news is we don’t need to rely on the government to achieve this.
More people need to adopt solar power, thus significantly reducing the demand for fossil electricity. Fossil fuel power plants will have no choice to but scale down their operations accordingly, resulting in reduced carbon emission.
If the worsening state of the environment keeps you awake at night and you’re still using electricity from fossil fuels, let this be the motivation you needed to take action. Contact a solar company near you and let them do the installation.
Boosts the Value of Your Home
A recent survey established that installing solar panels can increase a home’s value by 4.1 percent.
This might not seem like a lot, but when you’ve got a $300K home, a 4 percent increase in value means $12K more in your pocket, were you to sell the home. Thrown in the savings you have been making from not having energy bills and you’ll end up with a sizeable heap of cash.
If you’re a homeowner, it doesn’t matter whether you don’t plan to sell your home in the future. Having bigger equity in your home could come in handy when you need a home equity line of credit.
And, should you opt to sell your home, the increased value, which means a higher asking price, won’t be a sticking point for buyers. In fact, sustainable homes are more attractive to some buyers, especially millennials.
You also shouldn’t worry about whether having solar panels on top of your roofs will affect the overall outlook and style of your property. There are innovative solar companies offering thoughtful solar panel installation designs that’ll make your home look even better. Be sure to learn more about these designs.
Are Solar Panels Worth the Cost? No Doubt!
Solar power is clean, renewable, and just as efficient as other types of electric power. But are solar panels worth the cost? After reading this, there can only be one answer: yes.
Start making installation plans and while at it, keep reading our blog for more sustainable living tips.