Are Solar Panels Worth the Money?

January 5, 2017

Are Solar Panels Worth the Money?

Solar panels have been showing an increase in popularity over the past few years. They are a great way for homeowners and renters to reduce their carbon footprint and save a little money. These systems can get very expensive and it makes many people wonder if paying the high cost is worth it. When buying or renting these systems the homeowner needs to consider the cost of the system. Then the cost of maintenance and compare it to yearly savings on electricity. One may estimate and check the costs of solar panels for one’s home here on the solar calculator.

Overall, buying solar panels for one’s home is definitely worth it. For people who buy solar  systems from a company, they get all of the electricity that is produced as well as the tax break for helping the environment. Despite the high price of these systems, buyers can expect to see it paid off in a few short years. For those that do not want to take the full commitment of owning a solar  system, they can rent. This option gives the renter free maintenance and all the electricity that the panels produce. However, there is a small monthly fee to the company. The company would also gets the tax credits since the panels are under their ownership. In this case, the renter will still see high savings on their electricity bill each year that the panels are installed.

What about condo living? 

What if a person lives in a condo or apartment and cannot have solar panels installed? Instead, they can do what is known as community solar. In this case, the person buys the electricity produced from their local solar farm for a much cheaper price than their current electricity rates. This still lets the renter or owner reduce their carbon footprint and save money.

Buying solar panels are a very smart investment. They help the environment while still producing enough electricity for the home. These solar panels also come with a lot of incentives to purchase. When someone buys a solar panel system they are allowed to sell their excess electricity at the end of the month to the electric company. This helps the electric company use less harmful electricity and the person to save more money on their monthly bill. Also, houses on the market with solar panels already installed tend to sell for a higher price, which gives the homeowner more money in the long run. While the price is scary, buying or renting solar panels is a great way to save money and an even better investment.

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