Many homeowners are eager to install solar panels as an economical way to save on power bills. Furthermore, they believe it will help them protect the environment and reduce their impact on the world.
Deciding if going solar is worth it requires taking into account several factors. We’ve put together this guide to help you make an informed decision for both your family and wallet.
1. Cost of Going Solar
Going solar has become more accessible due to declining panel costs. This trend is being fueled largely by state and federal incentives for residential solar systems, which help offset some of the upfront expenses.
However, the final cost will depend on your location and equipment needs. Typically, equipment purchases make up the largest part of your quote.
A professional installer can provide a free evaluation that takes into account your electric bill, roof condition and shading to calculate how many kilowatt hours (kWh) of energy you consume per day. By taking into account local solar incentives as well as the federal tax credit*, you’ll have an accurate picture of installation cost.
Financing options such as loans and leases may be available, saving money in the short term but increasing costs in the long run due to rising interest rates.
2. Efficiency
Going solar is an excellent way to save money on your electric bill. When the solar system generates more energy than you use, that extra electricity is sent back to the grid in exchange for an energy credit.
Installing battery storage allows you to utilize any unused energy at other times or store it for use when your power is off.
Solar panels produce clean, green energy that won’t harm the planet or release harmful carbon emissions. They’re an ideal investment for your home with a long lifespan and low upkeep costs.
3. Environmental Impact of Going Solar
Solar energy is an excellent renewable source of electricity that not only saves you money, but also contributes to a healthier world. It reduces your carbon footprint as well, enabling you to live more sustainably.
Like any major production facility, solar farms require vast areas of land to collect sunlight and generate power. This can have detrimental effects on wildlife habitats, recreation areas, as well as the ecosystems dependent on those areas.
Solar power plants also utilize water for cleaning collectors and turbine generators as well as cooling equipment – an activity which can be particularly challenging in dry regions where available water sources are scarce.
4. Energy Independence
Solar power is one of the best choices when it comes to energy independence. Not only is it environmentally friendly and helps reduce greenhouse gas emissions, but it can also significantly lower your electricity bill.
However, it’s essential to remember that solar systems won’t eliminate your electricity bills completely. Your utility company still tracks your usage and you may still owe for any extra power used from your system.
For instance, if your solar panels generate more power during the day than you need, some of it can go back into the grid while other energy will be stored in your battery. This makes you much more energy independent at night and during blackouts so that essential appliances like lights and fans can continue running even when there’s no access to electricity from the mains.
5. Longevity
When considering how long your solar panels will last and their costs compared to power from the grid, solar is a cost-effective solution. Homeowners who opt for solar typically experience an ROI period of 8-9 years. DIY installation allows users to save even more money on installation expenses by cutting back on labor costs.
The lifespan of a solar battery depends on both how often it’s used and its depth of discharge (DoD). As a general rule, batteries degrade faster if they are charged and discharged multiple times. But with careful management of your DoD, you can extend its usefulness and maximize your investment in renewable energy sources.