Solar Panels 101 - Is It Worth The Money?

Solar Panels 101 – Is It Worth The Money?

Whether you’re considering putting solar panels on your home or business, you’ll need to know how much they cost. Getting a realistic estimate of how long it will take you to recoup the investment is essential. 

Installing Solar Panels

Having your home installed with solar panels is a great way to reduce your power bills and turn your house into a green sanctuary. But, it can be expensive to get started. Several factors determine the cost of installation. You may want to check various companies regarding the cost of solar panels Florida and from other cities. If you have an ideal roof with a large slope, a lot of sun, and ample space, you will most likely get a good return on investment. However, if your roof is damaged or you live in a shaded area, you will not be able to use your solar panels to their full potential. A solar panel system can save you thousands of dollars over the panels’ lifetime. It can also increase the value of your home. But, before making the final decision, you must think through the option carefully.

Saving Money On Your Electric Bill

Using solar panels to reduce your electric bill is a great way to offset your home’s energy expenses. You can expect savings of around 8 cents per kWh after installing a system. However, you may save even more if your electric usage is higher than the national average. The best way to calculate your savings is to look back at the last few months electricity bills. If you still need to do so, you should log in to your utility company account to determine how much you spend on electricity. You can also use the free solar savings calculator to get a quick idea of what you could be saving. In addition to lowering your monthly electric bill, installing a rooftop solar panel system can help you become more environmentally friendly. It’s a sustainable form of energy that can be used to power your entire home.

Getting A Realistic Estimate Of Your Payback Period

Getting a realistic estimate of your payback period when installing solar panels is essential. The payback period of your solar system is the time it takes for the savings on your electricity bill to match the cost of the system itself. Several factors can impact your payback period. For instance, your location, the size of the system you purchase, and your energy costs are all important. Consider your roof composition. Depending on the type of solar system you decide on, it may be possible to reduce your electricity bills in the first few years. To calculate your payback period, you will need to know how much you spend on electricity each month. The energy cost includes the rate that your utility company charges you for your electricity. If you use 1,200 kWh of electricity each month, you will spend $144 monthly on electricity.

State Incentives That Can Increase Your Savings

Adding solar panels to your home can be a great way to reduce your electric bill, but many states have special incentives to help you save even more. Some of these are federal tax credits, while others are state-specific. The size of the incentive will depend on the region in which you live and the type of system you purchase. The federal government offers a 30 percent tax credit for residential systems. This is expected to drop to 26% in 2033. It also includes a standalone tax credit for solar batteries. However, this tax credit is only available for people who purchase solar power systems outright or with a solar loan. It applies only to people who have a certain income.