Are Solar Panels a Good Investment for Your Home?

The shift towards renewables in recent years has seen solar power become an increasingly attractive energy source. As such, the world has seen an increase in interest and desire to install solar panels in residential homes. While it does seem as though there are more pros than cons when it comes to installing solar panels, there are some questions you need to consider before making your final choice.

How much do solar panels cost to install?

Cost is always at the forefront of one’s mind when it comes to making big decisions. Ten years ago, installing a residential photovoltaic (solar panel) system would have cost you more than $50,000. Today, thanks to advances in technology and tax-saving benefits, it most likely will cost you somewhere between $15,000 and $20,000 to install a 6-kilowatt residential photovoltaic system in your home.

How much does energy cost where you live?

An important factor when deciding whether to install a solar panel system in your home is how much energy costs you in the state where you live.

If you live in Massachusetts, for example, where you can pay more than 20 cents a kilowatt hour, you could recover the installation costs relatively quickly, probably in about seven to 10 years. However, if you live in a state where energy is less expensive, it will take longer. On the high end, you could be looking at a 20-year wait to recoup your investment. Take the time to research the price of installation and costs of energy in your area to see how long it would take for your system to pay for itself. Remember, your state may offer rebates or tax incentives to make the financial aspect more attractive.

Is your roof optimal for solar panels?

Solar panels need sunlight to run. The availability of the sun will far outweigh cost advantages of a home solar power system because the panels will not generate energy without it. Make sure your roof gets enough sunlight to make solar panels a viable option for you.

Once you have considered all of the above questions, done the necessary calculations and checked on the availability of good sunlight, you should have a good idea of whether solar panels are a good investment for you. If so, take the time to reach out to some local solar panel installers to get the ball rolling.