Electricity and energy prices are extremely unpredictable and expensive nowadays. If you’re looking for alternative energy sources, solar energy is one of the best options you have. It’s a free, renewable source of energy which you can easily tap into using solar systems, like solar panels.
Still, there are still a lot of considerations you need to know and understand. Are solar panels worth it? This and many more things. That’s why in this article, we’ll discuss the true costs behind getting solar panels and the benefits you can enjoy with one so you can make an informed decision. We’ll also add some tips on how you can make sure solar panels are right for you.
True Cost of Solar Panels
The biggest cost of solar panels is the upfront purchase of the whole unit. For a complete setup, you’ll need the panels, an inverter, and batteries. Depending on the capacity of the solar panel you want to buy, the initial cost you need to spend varies between $3,500 to $16,000, sometimes even more. This is because an inverter alone can cost $1,000 or more and the batteries can cost at least $10,000.
There might be some additional expenses as well, like installation and labor costs, metering equipment, and other components needed to completely set it up in your home. Once installed, the only thing you’d need to pay for is maintenance maybe once or twice a year, which can cost at least $400 a year or more.
Despite these costs and expenses, once you have solar panels installed and running, you can get government incentives. This way you not only get your money’s worth but you also get money back even when you’re using it. There are two ways this can happen:
Federal Tax Credit: You can get a 30% tax credit for the cost of your solar panels from the government.
Net Metering: This is when you get paid for the excess energy you have from your solar panels by selling it to your utility company. However, not every state offers this so make sure to check with your state or utility provider.
Long-Term Benefits of Solar Panels
Despite the large upfront costs associated with getting solar panels, there are many benefits you can get when once you have them:
Cut or Minimize Electric Bills
The most important benefit of solar panels is that you’ll get cheaper electric bills or be able to totally cut them off. You’ll be generating your own power so you’ll also be less reliant on your local power grid, allowing you to save on your bills. Moreover, since solar panel systems have a long lifespan, usually 25 to 35 years, you can cut your electricity costs for a long time.
Increases Your Home Value
Houses with solar systems or panels tend to be more valuable than those without. This means that if you get and install solar panels now and plan to sell the house in the future, you can sell it quicker and for a higher price, up to $15,000 worth more than its neighbors. It wouldn’t be a problem nowadays since many homebuyers are now more interested in houses with alternative energy sources like solar panels.
Solar panels will give you partial to total energy independence from the grid. You can make your own electricity and store up the energy so you have access to power anytime, even if the local power grid is out or during sudden power outages. Solar panels can give you that level of flexibility and stability, which you can’t usually find in traditional energy sources.
Clean, Renewable Energy Source
Solar energy is a renewable and clean source of energy. This means that using it doesn’t affect the environment and that you can never use it all up. Solar energy doesn’t contribute to greenhouse gas emissions and doesn’t produce any toxic waste as well that can pollute the water. Moreover, since you don’t have to mine or drill the environment just to get this energy, you’re not destroying any natural resources and the environment in general.
How to Know If Solar Panels Are Right for You
Are solar panels worth it? To help you make up your mind whether getting solar panels for your home is really the right choice for you, here are two of the most important factors to consider:
Always consider where you live since your location can affect whether you’ll be able to use solar panels properly or not. Solar power systems can be installed and used in both northern and southern climates, which means you can use them at any time since you have access to the sun to get energy.
However, if you live in a place with little to no sun exposure, it might be difficult to use and not completely worth it to get solar panels. With limited solar energy, you won’t be able to fully recover your investment immediately.
Your Financial Situation
Since getting solar panels requires a large upfront investment, you have to look at your current financial capacity. Look at your income and savings and determine if you can afford to add solar to your home. Still, remember that you can receive some funds back in the form of government incentives. It’s also best to not consider taking out a loan to pay for the upfront expenses since interest rates can hurt.
Buy Solar Panels for Your Home
Are solar panels worth it? Definitely. Despite the large upfront costs of buying and installing one, there are many long-term benefits you can enjoy. Moreover, there are ways you can get the money back, like through tax credits and net metering. These advantages totally outweigh and justify the upfront amount you’d have to invest.
Check out our solar kits collection to gain more understanding about what products you can and should get to have your own solar panel at home. Invest in high-quality products and enjoy solar energy to the fullest!