By Karyn Winrich
The rising cost of electricity across the U.S. makes solar technology a no-brainer for many homeowners. You’ve likely heard the spiel most solar salespeople will pitch you: that going solar will save you thousands of dollars. But is that really the case? While solar installations will significantly reduce your bottom line, many factors influence your total payout.
How Much Does Your Electricity Bill Come To?
The math is simple: The higher your electricity bill, the more you’ll benefit from switching. Solar panels are the ultimate way to reduce the cost of your monthly bill, especially if you go off the grid. But if your rates are constantly fluctuating, so will the total amount you save each month. Check out the Energy Information Administration website to review rates in your area to make an informed decision.
How Much Sunlight Are You Getting?
The more sun you get, the higher return on investment you get with your panels. But go a step further and consider the specific parameters of your home. Ask yourself the following questions:
- What kind of roof do you have?
- Which orientation and angle is your roof directed towards?
- Is there a lot of shade that could block your unit?
- What’s the weather like in your area?
These questions should help you get a sense of the kind of requirements needed for successful solar powering. This handy calculator by SolarReviews helps determine the solar potential of your home.
What Kind of Unit Will You Go For?
The most significant expense with going solar is the installation and purchase price of the unit itself. A great benefit of solar panels is that the majority of the investment is upfront. Systems are designed to last for over 20 years, and there is little to no maintenance cost required.
When estimating costs, consider how much energy you typically consume to figure out the system size you need. You can do this by checking the usage of your electricity bill. From there, it’s just a matter of estimating the right unit for your needs. The average solar panel 5kW system costs between $12,000 to $25,000 (before credits and incentives).
Look for Incentives
The government offers significant incentives for using solar technology over other non-renewable energy sources. Look out for tax credits, which can help homeowners claim a share of installation costs. You can reduce up to 26% of your expenses, which will help cut down on your taxes significantly.
Some other incentives include property tax exemption, waived fees, and cashback offers. According to Paradise Solar Energy, you can make back up to half of your total costs (including unit and installation)!
You may also qualify for the FHA’s Energy Efficient Mortgage Program, which helps homeowners save on their bills by affording them financing for energy-efficient improvements. This can increase available income for your mortgage payment and make your month-on-month billing easier.
You Don’t Have to Be a Homeowner
If you’re hooked on the idea of solar panels but still live in a rental property, all hope is not lost! In fact, many apartment dwellers have found ways to bring solar energy to their homes and buildings. One option is to talk to your landlord about the benefits of solar panels. The art of negotiation is key here, so know your audience, and carefully explain the benefits of adding solar panels, and remind your landlord about the government incentives that come along. If your landlord isn’t convinced, you have other options. You can choose a portable panel that sits on your balcony or is affixed to a windowsill or railing. Or you can simply move! Check out online rental listings to zero in on a space that offers a balcony or patio, or see if you can find a complex that may already have solar panels, surely there’s a rental that can accommodate your solar intentions.
What do you think? Are solar panels worth the investment for your home? Since the U.S. receives abundant solar power and more than enough to fuel our energy needs, the answer likely is yes. So get out there, crunch those numbers and decide if they’re the right choice for you today.
This piece was prepared online by Panuruji Kenta, Publisher, SEVENSEAS Media