Yes, solar panels can be worth it because they can help you save around $1,500 per year on your electricity bills and increase the value of your home by 4.1%.
4.2 million Americans currently reap the benefits of home solar panels. Alongside saving money, solar panels lower carbon footprints, making them an eco-friendly source of renewable energy.
This article will weigh up the costs and benefits of solar panel to find, they are in fact, worth it.
What Are The Pros of Solar Panels?
Save money on your electricity:
The most compelling benefit of solar panels is the potential to save on energy bills. Lower utility costs come from less reliance on the national grid energy supply. According to the National Renewable Energy Laboratory, homeowners can save 10-30% on their electricity bills by using solar panels.
Some regions offer net metering programs which allows solar panel owners to sell excess energy back to the grid, enhancing their savings.
Source: MarketWatch
Increase your house value:
Properties with solar panels sell for an average of 4.1% more than homes without solar panels. Solar powered houses also sell 20% faster. Buyers recognize the environmental and economical benefits of solar panels, increasing the value of a solar powered house.
Long term use:
Solar panels last around 20-25 years, making homeowners exempt from unpredictable fluctuations in energy costs. Solar panels also make homeowners self-sufficient, ensuring energy efficiency during power outages or unstable electrical supplies. Solar panels create reliable and continuous power over long periods of time.
Modern solar panels have higher energy conversion rates and improved durability, elongating the lifespan of a solar panel whilst ensuring optimal performance. This makes them a reliable investment.
Good for being green:
Solar energy is renewable and lowers carbon footprint. Unlike fossil fuels, solar panels do not release harmful greenhouse gases into the environment. Switching to solar panels contributes towards sustainability.
According to the U.S. Environmental Protection Agency, solar panels can reduce carbon emissions by 3-4 tons per year, which is equivalent to planting 100 trees annually. Solar panels also have minimal impact on land and water resources, making solar energy beneficial to both the individual and the planet.
Tax reliefs:
Homeowners with solar PV systems installed in 2020 and 2021 are eligible for a 26% tax credit. Congress passed an extension in 2022 which raised the credit to 30% for installations between 2022 and 2032.
What Are The Cons of Solar Panels?
High installation costs
Whilst solar panels cost less in bills than conventional energy sources, they come with significant installation and maintenance costs. The average home solar panel system in America costs $12,700 to install. This includes the panels, inverters, wiring and labor. This upfront investment can be a financial burden to some homeowners.
However, this can be helped by the federal tax credit of 30% which deducts a significant amount from the total installation cost. Many local governments also offer grants, rebates, and additional tax credits.
Falling efficiency
Overtime, solar panels lose efficiency. Most manufacturers guarantee optimal performance for 20-25 years, however some solar panels degrade by 0.5-0.8% per year. After 25 years, solar panels may only produce 75-85% of their original output.
Space limitations
Solar panels require large roofs or ground-mounted systems for optimal energy production. Limited roof space or multi-unit buildings can make solar panel installation difficult.
Dependence on weather conditions
Solar panels can produce less energy with less sunlight. Cloudier or rainier regions will create less solar energy than sunnier regions. Although, solar panels are designed to withstand all weather conditions. Snow accumulation can reduce energy production due to shading, however snow will melt quickly off the panels.
Are The Savings You Get From Solar Panels Worth It?
Overall, the long-term savings made from the use of solar panels outweigh the initial installation costs. The federal tax credit system makes installation more affordable. The increase of house value, lower cost of energy bills, and environmental benefits of solar panels render them a worthy investment.
How Many Solar Panels Does The Average Home Need?
The average home in America needs between 15 to 20 solar panels for sufficient electricity. This number varies depending on climate, state needs and individual needs.
When Is The Best Time To Install Solar Panels?
Solar panels are cheapest to install during the winter, especially as solar installation companies typically do fewer jobs at that time. Installations may take several weeks or months to complete.
Conclusion
Although solar panels come with high installation costs, the numerous benefits make them a worthwhile investment. Homeowners can save significantly on energy bills, increase their property value, and reduce their carbon footprint. Solar panels are a smart choice for long-term financial and environmental gains.
