Should I Invest in Solar Panels
Solar energy is the cleanest and most abundant renewable energy source we have. Over the last decade, the solar market in the United States has grown at an average rate of 49% each year and for a good reason! To make the right decision, you need to be able to distinguish between the pros and cons of solar energy as opposed to only considering solar myths that advertisements tend to communicate.
Advantages of Solar Panels:
- Solar Panels Will Drastically Reduce Your Electricity Bill
Installing solar power means that you get to generate your own electricity. A lifespan of a solar panel ranges in between 25-35 years so you are in for several decades of greatly reduced- if not entirely eliminated, electricity bill. By investing in solar panels you will be reducing your environmental impact as well as cheaper electric bills.
- Installing Solar Panels Will Increase the Value of Your Property
Recent studies found property values increase after solar energy is installed. So, even if you sell your house before reaching break-even, you will get your money back.
- Using Solar Power Will Greatly Decrease Your Carbon Footprint
Unlike traditional fossil fuels like gas and oil, solar energy does not contribute to air or water pollution. You will become one of the environmentally-aware citizens that our planet desperately needs.
- You Will Be Protected From Rising Electricity Costs
While the cost of solar has decreased by more than 70 percent in the past decade, the cost of electricity has risen by about five percent. That rising trend persevered throughout this year as well, and it appears it is here to stay.
Disadvantages
- It Can Be Challenging to Install Them on Some Rooftops
Older or historical buildings can be challenging to work with. Besides slate or cedar tiles, skylights or other rooftop additions like roof decks can make the solar installation process difficult and even costlier.
Do not despair as there is a way to go around this. You can still benefit from ground-mounted solar panels or buy a share in a community solar garden.
- It Will Take Time to Reach Break Even
You might be reluctant to hop on the solar train if you are planning to move. However, as mentioned earlier, as long as you plan to buy your solar system with a cash purchase or loan, this disadvantage of solar power can be easily avoided as you will get your money back through an increased price of your property.
- If Your Electricity Costs Are Low, so Is the Potential of Your Solar Savings
The savings assumption presumes a homeowner has a sizable electric and gas bill. This can greatly differ by state as well as different providers. A Hawaii homeowner who pays more than double the average electric rate would greatly benefit from solar panels. However, a homeowner who can benefit from Louisiana’s cost of electricity which is more than 1/4 lower than the national average or a resident that can choose between many different Ohio gas rates would have many more cost-friendly alternatives besides solar to consider.
- Without Tax Incentives, Its Cost Is Intimidating
Not everyone has the cash to make an investment of this size with an up-front payment. However, there are many solar financing options to help you get around this such as state-backed loan programs, leases and power purchase agreements.
- Finding Quality, Local Solar Installers and Best Value for Money Can Be Challenging
Solar is one of the fastest growing markets in the world so there are many companies trying to take as much market share as possible. As a result, this can become a stressful scenario due to aggressive sales reps. But the beauty of living in these modern times is that you can find everything online: even sites that allow you to compare different quotes from pre-screened installers near you!
Final Thought
Investing in solar panels can be thought of as an investment that will literally repay itself. Break-even will not happen overnight but it is imminent. However, the fact is that its savings potential depends on your usage: if you don’t rely much on electricity, there won’t be much to save. Yet overall, the benefits of installing solar panels certainly outweigh the limitations – so yes, they are worth the cost.