Solar panels are more popular than ever, with over 2.7 million homes with residential solar panels. But for many people, switching to solar and helping the planet feels like it will hurt the wallet too much. So, are solar panels worth it?
One of the main reasons people hesitate to switch to solar panels is the belief that solar panels are expensive. However, it is not as simple as that. The good news is that the benefits of solar panels can also include the costs associated.
Read on to learn if solar panels are worth it for you.
The Cost of Solar Panels
It is not just because environmental awareness has increased that solar has become more popular. The good news is the cost of installing solar panels has dropped by around 90% over the past decade. There are various reasons for this, including more efficient production methods.
There is no size-fits-all for the cost of installing solar panels. Prices can range from several thousand to $20,000 or more.
It is best to check directly with a company for more specific cost estimates. Check out Blue Raven solar panel pricing as an example.
Cost Factors
When working out if solar panels are worth it for you, it is essential to know there are some cost incentives and factors that impact costs. You must consider several factors, such as the solar panel types and location. Other factors to consider include:
- Federal tax credit
- State tax credit
- Company payment plans
You could be eligible for different state and federal tax incentives by installing solar panels. There are also benefits, such as the ability to sell back excess solar power you do not use. You also need to consider payment plans for solar, which will impact how cost-effective they are for you.
Benefits of Solar Panels
When considering if solar panels are worth it, you should weigh up the benefits of solar panels against the associated costs. Some of the top benefits of solar panels include:
- Reduce or eliminate utility bills
- Financial incentives
- Environmentally friendly
- Grid security
- Supports economy
- Can add value to your home
Payback times for solar panels can be as little as five years, at which point you can be energy independent. You do not have to worry about depending on the grid and experiencing power cuts while reducing your carbon footprint. Plus, you are supporting the US economy by going solar.
Are Solar Panels Worth It?
There is not one answer to the question; are solar panels worth it? However, if you own a property, can get a supportive payment plan, and pay a high price for your utility bills, solar panels are likely worth it.
If you also want to reduce your carbon footprint, which everyone needs to do, solar panels can help significantly. Find a reputable provider of solar panels to reap all the benefits and have a full warranty to ensure your solar panels remain in optimum condition.
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