Solar panels generate their own energy and can therefore largely offset your monthly electricity bill, if not eliminate it. The higher your bill, the more likely you are to benefit from the change. According to studies, homes with solar energy systems actually sell for more than homes without them. Across the United States, switching to solar energy could increase the value of your property even more than a kitchen renovation.
This is another reason why solar panels are worthwhile. Although solar energy is a major investment up front, it shows that solar energy pays off in the long run. For 25 years, solar energy costs less than half what it would pay the utility to produce the same amount of energy. Under this type of plan, the benefit of a solar system may depend on the use of household electricity; in certain areas subject to tariffs that increase dramatically as consumption increases, large households (with large energy needs) may benefit more from solar panels that offset high-cost marginal consumption.
While more hours of direct sun exposure will help a solar system generate more electricity, modern panels are quite efficient and can still generate energy in low light situations. Although the initial cost is substantial, the average lifespan of a solar photovoltaic system is around 30 to 35 years, although some manufacturers claim it is much longer, according to the office of Energy Efficiency and Renewable Energy. The LCOE can be compared to the cost of electricity from a utility company; remember that the relevant price is that which occurs during times when solar photovoltaic production is peak or close to it. That said, I should point out that Zillow's research says solar panels increase the value of your home by 4.1%.
Some people interested in solar energy might wonder if, by opting for solar energy, they can live completely off the grid. We need to look at how clean energy compares to alternative methods of supplying energy to your home because solar panels are only worth the investment if they can outperform the other options on the market. Ongoing maintenance and additional equipment, such as inverters and solar batteries, constitute the remaining costs of the solar panel system. If you plan to leave your current residence in the next few years, you should pause and reconsider whether solar panels are the best option for you right now.
There are also a variety of solar financing options, from leasing without a down payment to home improvement loans that make solar energy more affordable. For example, someone who lives in Seattle may need a somewhat larger solar system to get the same results as someone in Southern California. There is also the option of investing in storage batteries to collect any excess energy generated by a solar photovoltaic system. Obtaining multiple solar energy quotes will also allow you to compare the equipment offered by each of those installers.
But if you're in a situation where you don't qualify for incentives, the federal tax credit, for example, only applies if you pay federal taxes to begin with, then solar might not be right for you.