There’s currently enough solar power installed in the USA to power over 18 million homes, according to the latest SEIA research.
Are you hoping to add to that number soon? There’s no doubt that a new solar installation offers many benefits, but there are drawbacks to these systems too.
So, before you reach for your wallet, check out these pros and cons associated with a solar installation.
New Solar Panels Are Expensive
The average solar panel cost in the USA is between $8,000 and $40,000, depending on your energy requirements.
It could take as long as twenty years to recoup these costs, though. If you can afford to wait that long until you see benefits, solar’s an excellent option for you.
You can get a solar loan or lease-to-buy arrangements from solar installers or third parties too. So, as long as your installment’s less than your power bill, you’re good to go too.
If you find a solar installation company that offers discounts and other incentives for installing solar, you should take these into account when calculating your monthly expenses.
You Save With Solar Panels
Energy savings are a major benefit of installing solar, but you can also save in other ways. The federal government currently offers a 26% credit on your taxes when you install solar.
This goes away at the end of 2022, so act fast if you want to reap these rewards. Several states also offer fantastic incentives and credits for installing solar.
If you opt for a grid-tied system, you can still use electricity from the power company. Through this arrangement, you feed your excess solar power back into their system. In return, they give you a credit on your power bill.
Solar Panels vs Home Value
If you decide to sell your home, solar panels are an attractive drawcard for prospective buyers who want energy-efficient housing. Yet, solar power doesn’t always increase your home’s value until you’ve paid for your installation.
When you sell your home with a solar lease agreement in place, the new owner has to take over these expenses. So, they’ll expect a reduction in your selling price.
Solar Panels Offer Environmental Benefits
Financial aspects aside, solar power is a major source of renewable energy, which is fast becoming part of legislation across the globe.
This form of clean energy helps reduce harmful carbon emissions generated by power plants. It helps prevent pollution and conserves our valuable water resources.
In short, when you install solar panels, you’re contributing to a healthy planet and the ongoing survival of our species.
Getting the Balance Right
New solar innovations have resulted in a huge reduction in the price of solar over the years. Does this mean prices will continue to decline? Should you wait before you go this route?
Weighing up these pros and cons can help you figure out whether the benefits justify the cost for you.
Would you like to discover more of the latest news on how to save at home and work? Browse our website for more insights.