Are solar panels cost effective?

Whether you’re looking to save the world, or just looking to save some money, solar panels are both a cost effective and an environmentally friendly option for your home. According to a 2015 report by Fortune, there are over 20 gigawatts of solar panels in operation in the United States, which have the capability to power 4.6 million homes.

Additionally, the report found that “40% of all new electricity-generating capacity came from solar” energy. Those are some pretty big numbers, which just goes to show the growing popularity and success that has been generated around the use of solar panels to create energy in residential homes. Although solar panels may seem like ‘no brainer,’ like any major household appliance, solar panels come with both negative and positive qualities. Let’s start with some of the positives.

As mentioned earlier, solar panels are actually very cost effective—that is, depending on what area of the country you happen to live in. For example, residents in states like Hawaii or Florida who experience extended periods of sunshine will save more money than individuals living in the Northeast or Northwest. On average in most states, it’s been reported that most will save over $100 in saving by using solar panels for their home. Additionally, if the average cost of your monthly electronic bill runs around $150 or more, then you will automatically begin saving by paying for the price of the solar panels rather then sending money to the electric company.

Another cost advantage to the installation of solar panels is that it will help to increase the value of your home. In general, solar panels are associated with lower electricity costs—which is a very attractive characteristic in the housing market. Studies have shown that homes will solar panels tend to sell 20% faster than regular electricity homes, and they also save 17% more money. According to the U.S. Department of Energy, “the sales price of the average home increases $17,000 with the additional of solar panels.”

Other benefits include 20-25 year warranties offered by solar panel manufacturers, as well as the fact that the lifespan of solar panels runs around 30-40 years. There are also countless numbers of federal and state incentives offered to users of solar panels in their homes.

While the positives of social panels are extensive, there are a few negative aspects to consider. First, some solar panel systems can be quite expensive. Some solar panel systems can cost $25,000; however, you can save some of that money by using the incentives that are offered that we mentioned earlier. Additionally, it can sometimes be difficult to find reliable installers in your area—it is not a home improvement task that you should tackle on your own. Additionally, following the purchase and signature of contact for a solar panel system, it can sometimes take between 5 weeks and up to 6 months to get the systems installed in your home, which can result in a lot of unexpected costs.

Overall, the benefits of solar panels outweigh the negatives. Solar energy is easy, and it can also help to reduce the U.S. dependence on other forms of energy as well as energy from foreign countries.

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