Jessica PirroFebruary 13, 20201630
With the growing popularity of solar panels, many people have heard about getting rooftop solar panels. The different benefits of solar panels can vary. Solar panel installations can provide both financial and environmental benefits. A lot of people who are interested in getting a solar panel installation are going to have a lot of information thrown at them.
The cost of solar is lower than ever! But the cost of getting a solar panel installation is still going to be a pretty big upfront investment. So if you’re a homeowner, don’t let the upfront cost of solar panels deter you from reaping the long-term benefits of solar panels.
The average solar panel installation is going to cost between $10,000 and $35,000. That price may shock a few homeowners and they might think that it’s too expensive. A recent study showed that customers save an average of $4 to $187 per month in the first year that their solar power system is active. That’s going to be anywhere between $528 to $2,244 in a single year, which means that if a homeowner owns their solar panel installation it can cover the cost of solar within five years. After five years you will continue to save on your utility bill for many years. The average solar power system is going to save homeowners more than $20,000 over 20 years. But in certain areas, homeowners can save up to $64,000.
Invest in Your Home
A recent study that was done by the Department of Energy showed that prospective home buyers are going willing to pay $15,000 more for a house with an average-sized solar power system. The average solar panel installation is going to use 3,600 watts, meaning that you can anticipate an additional $4 in-home resale value per watt. When you take into consideration the cost of solar per watt today is around $3 and is expected to drop even more in the future, solar energy is going to be a smart investment for your home.
Earn a Great Return of Investment (ROI)
Homeowners should keep in mind that their solar power system can be looked at like a financial investment - one that is capable of generating annual returns that can range anywhere between 10 to 30 percent. The average solar customer is going to pay off their solar power system in between seven to eight years and can earn a strong ROI, receiving free solar electricity for the entire lifetime of your solar power system.
You can calculate your annual return by dividing the financial benefits you receive each year by your initial investment in your solar power system. Here are some factors that can impact your solar panel installations ROI, which includes:
Solar Payback Period
A solar panels payback period is going to be the amount of time it will take you to earn back the money you spend upfront on the solar panel installations, normally in the form of avoided electricity costs.
An example, if your solar panel payback period is 7 years, after the length of time, you can easily calculate your actual monetary solar panel ROI by simply looking at your electricity usage and local electricity rates. If you usually use 1,000-kilowatt-hours (kWh) of electricity a month at $0.15 per kWh, that’s $150 you would spend on electricity a month sans a solar panel installation. With a solar panel installation, each month you essentially will pocket $150. The money that you save will end up being even more per month over time, as electricity rates historically rise over the years.
The Environmental Benefits of Solar Energy
Single solar panel installation can offset 178 tons of carbon dioxide over 30 years, which is going to equivalent to planting 10 football fields of trees. That might not seem like a lot - until you compare that the majority of our energy is currently dependent on electricity that is generated by oil and coal, which contributes to global warming effects. Instead of burning fossil fuels that are slowly destroying the Earth’s ozone layer, solar energy uses energy that is already present and does not cause any harm to the environment.
Decrease Your Energy Reliance
Sustainable and renewable energy creates independence from expensive energy providers. Unlike a local utility provider, the sun will never increase its rates. In the past two years, the United States has experienced a 3.2% average increase in residential electricity prices. If these trends continue, it may be wiser to consider getting solar panels. You will even sell your surplus energy back to the grid.
Earn Tax Credit
If you aren’t convinced about the benefits of solar panels, the United States government is making getting a solar panel installation even more appealing. The United States government offers a 26% federal solar tax credit to both residential and commercial properties, and many state governments offer additional tax credits as well. A 26% tax credit might not seem like much now - but tax season right around the corner, it will be the cherry on top of the monthly energy savings.
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