Maybe you’ve been looking for ways to save on your home energy bill. You’ve heard all about the benefits of solar panels but you’re still trying to decide if installing solar panels is right for you.
There are many benefits to solar energy, but the circumstances need to be just right for you to make it work for your home. Review some considerations you need to make before you invest a single dime.
Is It Sunny Where I live?
This may seem like an obvious question to ask yourself when you research going solar. The truth is, even the coldest regions of the country use solar power and receive huge incentives to install solar panels to capture the limited sun rays. Visit Energy.gov to see how much sun your state gets.
How Much Does Installing Solar Panels Cost?
This information will help you decide if your expense for the equipment today is higher or lower than the amount you plan to pay for electricity in the future. Equipment prices and installation costs will vary depending on the solar company you choose.
Take advantage of those solar panel companies that offer a free quote to find the right price and quality for your home. For example, you can call the pros at Blue Raven Solar to find out how they can maximize your savings with no upfront costs.
How Will I Finance a Solar Panel System?
Solar panel systems aren’t cheap. A six-kilowatt solar panel system — the most common size for residential homes — costs between $16,000 and $21,000.
If you don’t have the cash to cover the cost of solar panels upfront, you may consider a solar loan option to maximize your savings.
Another financing vehicle that might work for you are solar leases or power purchase agreements (PPA.) Leases and PPAs allow you to rent your solar panel system from a leasing company.
You’re entitled to the energy the solar panels generate. Solar leasing companies will realize any tax breaks or other financial incentives.
Are There Any Governmental Home Solar Financial Credits or Incentives?
Homeowners can claim a federal tax credit worth 30% of their solar panel installation costs when taxes are due. Some states offer an extra personal tax credit for home solar panel systems.
You can find what incentives and credits your state offers on this database of incentives for renewables and efficiency.
Will Solar Panels Work on My Roof?
Solar panels work best on a roof that measures at least 200 square feet. Rooftops should be from any chimney or tree shadows. Houses facing in the south, southwest, or southeast direction in sunny states will work best to produce the most energy.
Ready to Take the Plunge?
Based on your answers to the above, you’ll be one step closer to making your solar dreams shine like the sun!
Still unsure? Try an online solar calculator that estimates your long-term savings. With a carefully researched plan in hand, you’ll be sure to boost your savings.