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Are Solar Panels Worth It?

August 4, 2021

Do you want to know whether solar panels are a great investment?

You’ve come to the right place. For many homeowners, the rising cost of electricity makes solar energy the best alternative, making solar panel system installation worthwhile.

However, the exact cost of solar panels and whether they would save you money depends on a few critical factors.

According to the Center for Sustainable Energy, installing the solar system costs between $15000 and $25,000 on average.

Solar panels are not only good for the environment but also help you save a huge amount with your energy bills in the long run.

You can also make some extra cash by selling extra electricity to the grid. All this can help you raise your home worth in one or another way.

Solar Panels Lower Electricity Bills

Are you getting a huge bill on your electricity consumption? If yes, then consider switching to the use of solar panels.

Your current electricity bill is a significant determinant in knowing if the solar panels are worth your investment or not. Why? The bill will help you calculate the amount of money you will save if you shift to a solar panel system.

Solar panels use sunlight from the sun to generate energy that will be used in your home instead of using power from utility companies.

So, solar panels are worth it because you will directly save up on your energy bills.

Secondly, During the sunny season, solar panels generate excess energy when they receive more sunlight. The power then goes to the electric grid for other consumers to use.

In return, the utility company offsets or eliminates your electricity bills by reversing your meter reading to pay less, hence reducing your electricity bills.

To enjoy lower electricity bills, ensure you consider the following factors for the maximum production of power.

●       How utility charges for electricity- utility companies charge differently in some locations. Solar panels will be worth it in an area where the utility charge is low.

●       Sunlight exposure- solar panels, will be worth it if your home is in an open place where the rooftop receives more sunlight.

If you are starting and want to know how much money you can save with solar panels on electric bills, use a solar calculator or talk to an energy efficiency expert.

The online solar calculator combines local power rate data to provide you with a personalized estimate of how much you can save and how quickly your investment will pay off.

Make up the Upfront Cost

Is the cost of solar panels worth it? Yes.

The prices of solar panels equipment and the installation process differ significantly depending on the solar company provider and the equipment you buy.

However, they are expensive. But it’s worth it.

How?

Solar panels need minimal maintenance, and they last for over 20 to 25 years with little or no change to the amount of power they produce.

Therefore, the minimal long-term expenses can cover the upfront cost. So, take your time to review all the equipment you need and combine the price and quality to get quality equipment at an affordable price.

Always go for high-quality solar panel equipment to save a considerable amount of cash in the long run. For example, Monocrystalline and polycrystalline solar panels are the most common for home installation.

Monocrystalline solar panels are more efficient than polycrystalline.

The cost of solar panels depends on several factors like:

●       The amount of energy you need

●       The system size

●      Type of the solar system

●      The location

The Solar Panel Systems Are Simple to Finance

You can acquire solar panels by buying, loan financing, and leasing financing methods. If you plan to lease, loan, or buy a solar panel system, you can still save your cash on the electricity bill.

Solar leases and power purchase agreements do not need money for a down payment.

Although you can choose to buy, loan, or lease solar panels, the method will significantly impact the systems’ long-term value. So, to save up more and get value for your solar panel system, it’s better to buy than to lease or loan.

Besides, they offer free maintenance services.

You Can Get Incentives

Incentives play a significant role in matters about solar panels. Most governments offer incentives to homeowners for installing solar panel systems.

You can sell the excess energy you produce by solar panels to the local utility company to offset your electricity bills.

The federal tax benefit is non-refundable. You can get the incentive to offset your electricity bill but not cash.

You may also get incentives such as property tax exemption, waived fees, and cashback, depending on your location.

Have Low Maintenance cost

Solar panels need minimal and straightforward maintenance.

You only need to clean solar panels which you can do by yourself or pay an expert to do it for you. Apart from cleaning solar panels, you will need to change the inverter after 5 to 7 years.

Why?

It converts the solar energy into electricity and heat continuously, hence wear out.

Besides, most manufacturing companies give 20 to 25 years of warranty for solar equipment.

So they can fix your equipment for free or at a low cost if you run into a problem.

Cables may also sometimes need maintenance for the smooth running of solar power system efficiency.

Solar Panels Are Environmentally friendly.

Solar panels use sunlight from the sun to generate clean energy. Installing solar panels on your house will help combat greenhouse gas emissions.

It will also reduce your dependence on the use of fossil fuels such as coal and natural gas.

When you burn coal to produce power, it emits harmful gases in the air. The gases cause air pollution and climatic changes harmful to public health.

With solar panels, they produce clean energy that has no harm to your health.

Thus, the solar panel is worth your investment. It generates clean energy, improves your health, and reduces healthcare costs.

Solar Panels Are Reliable

Once you have installed solar panels, they produce energy during all seasons as long as they can get at least a few hours of sunlight from the sun.

They are not subjected to nationwide power disruption that occurs in the case of electricity outages. With solar panels, one is assured of a constant power supply for home use.

Solar Panels Need Only Sunlight Exposure.

Solar panels use sunlight to generate energy. With the availability of sun, you can harvest sunlight to develop your power. Therefore, the acquisition of this unending sunlight makes getting solar panels worth it.

Renewable Source of Energy

Solar Panels use massive sunlight to generate more energy that cannot run out. The entire world can harvest solar energy without it running out.

Solar batteries store the energy produced by solar panels for future use, unlike other energy sources. Thus, you will not have to worry about solar power running out.

Increases the Value Of Your Home

If you install a solar panel, you will probably increase your home or property value because solar panels have several benefits.

With solar panels, you can save monthly electric bills by generating your electric power and also store energy for the future. If the value of your property or home increases, you can have many benefits as;

  • You can have higher Sales on your property if you will want to sell it in the future.
  • You can get loans quickly because it becomes less risky for a lender to give you a loan. Why?  The loan to value ratio of your property will decrease.

Besides, solar panels have an upfront value that is an investment.

So, if you invest in solar panels, it is like investing in your house. And whether you sell it or stay on it for an extended period, you will still get your money back.

A Wider Range of Solar Panel Products

The availability of several types of solar panel products makes the solar panels worth it.

They design solar panels differently to meet your specific needs. For instance, if you want to install a solar panel on a budget, polycrystalline solar panels are the most suitable for you.

But if you need solar panels to use in factories or industries, thin-film solar panels are the best.

Manufacturers also design solar panels to suit the performance of those people or homeowners who;

●       Want to store the solar energy to use later

●       Want to reduce the cost of the energy, especially when they are spending more of their power on heating

●       Homeowners who are looking for a solar panels system that last long

●      This wide variety of solar options makes solar panels worth your money

You Can Become Energy Independent

With solar panels, you can generate your energy for use instead of buying power from utility companies.

How Does Solar Panel Independence Work (off-grid)?

Solar panels generate energy, which the inverter converts into direct current. The direct current is then put into a solar battery backup.

Depending on the solar energy produced by the solar, you will be free to have your power. The rising prices of electricity will also not affect you when the power is cut off. Or, when the power goes off because of maintenance by the grid on their energy lines, it will not impact you.

Solar Panels Have a Lasting Warranty.

The manufacturing companies offer a long-lasting warranty of 20 to 25 years.

So consider moving to solar panels because they are less risky and covered by the manufacturing companies’ promises.

Return on Investment

Though solar panels have a high upfront cost, the money you will save every month on energy bills will help pay off the system’s upfront cost.

You will get your money back when you save on electricity bills within a period.

Once you have paid off the solar panel system, you will still save money on power bills. Thus, making a return on the initial investment, you made on the solar panels.

Bottom Line

Now that you have your answers! Why are you still hesitating to switch to the solar panel system?

If you are in an area with high electricity rates, a suitable solar rating, and you can afford the initial upfront cost, install solar panels in your home or property because it is worth it.

Solar panels are suitable for your environment, your wallet, and reducing electric bills.

Not to mention the incentives and the increase of value to your home or property you get when you buy solar panels. But don’t expect to set off or cut your electricity bills within a day.

It will take some time. For all these reasons, solar panels are really worth it.

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