The environmental benefits of switching to clean, renewable energy have been touted for years. Residential solar panels are no longer as prohibitively expensive as they used to be. This has led to over a million solar installations going up across the country.
If you’re wondering “are solar panels worth it?”, you should know the answer is yes. Plus, incentives, tax credits, and future savings make them an even more worthwhile investment. Let’s take a look at exactly what makes them worth it.
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What Is the Cost of Solar Panels?
The cost of solar panels varies between brands and retailers. You’ll also need to pay for other costs such as installation and batteries. In general, a standard residential system might cost between $16,000 and $21,000.
While this may seem like an extraordinary amount, it’s important to remember both the environmental and financial benefits of solar panels. Plus, your installer may be able to offer financing and other assistance.
Make sure to get a free quote from Blue Raven solar installation to see what solar panels may cost for you and how much you can save.
How Can You Save on Solar Panels?
There are a number of ways that you can cut the cost of your solar panels. The most drastic of this is through the Federal solar panel tax credit. By claiming this credit, you could take up to 26% of your total costs off of your tax bill.
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But don’t wait too long, as the Federal tax credit is set to expire in 2024.
In addition, many states offer their own tax credits and incentives for switching to renewable energy. Make sure you take advantage of all of these ways to save to make the most of your investment.
How Much Do Solar Panels Save?
Each month that you have your solar panels can lead to a decrease in your monthly energy bills. On average, this could range from $44 to $187 per month. The first few years you have your solar panels are known as the payback period.
Once you reach the end of this, the savings you receive each month cancel out the money you spent installing your panels. For many homeowners, the payback period lasts between six and ten years.
After this, all of your savings are simply savings back in your pocket.
If your panels produce more energy than you can use, you should ask your local utility company about net metering. In this situation, the energy your system produces is sent back to the grid. You can deduct this energy from your bill, and in some cases even receive a rebate for extra energy your system produces.
Are Solar Panels Worth the Investment?
In addition to the possible savings that come from installing solar panels, they can actually be a solid investment. A recent study found that for every dollar you save on energy, you increase your home’s value by $20.
Not only can you save money on your own energy bills, but you may be able to earn even more if you sell your home. This is great news if you don’t plan on staying in your home for the entire payback period of your panels.
Are Solar Panels Worth It?
The answer to “are solar panels worth it?” is a resounding “yes!” Although there is a somewhat large initial investment, it doesn’t take long to make that money back in energy savings.
If you found this article insightful, check out our other home improvement articles too.
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