Sometimes you have to spend money to save money. That is definitely the case with solar panels! Let’s set aside the political aspects of solar power saving the planet and instead focus on the nuts and bolts of whether or not they’re a good investment for normal folks. Do they save you money, or are they a total scam? Read on for the answer!
Here are Five Fast Facts on solar panels:
- 🤔 Pick And Choose - There are a few different routes you can go. You’ve got polycrystalline or monocrystalline solar panels, both of which convert sunlight into electricity using silicon crystals. Thin film panels use a different material but do essentially the same thing at lower cost. You’ve also got things like Tesla roofs and Powerwalls which actually replace the normal shingles on your house, but provide some extra solar benefits and include some battery storage. Options abound!
- ⚡ Efficiencies - The most efficient is the monocrystalline panels, followed by polycrystalline panels and then thin film and the other options. But that efficiency comes at a price (naturally)!
- 💲 The Price Tag - It depends on lots of factors – things like where you live, how much sun you get, how many square feet you install, and more – but the average residential solar panel installation is about 20-25 panels for around $18,600. But it can go up to $30k or more, so make sure you plan ahead!
- 💡 Oh, By The Way - There are a number of other things you need to think about, too. Got lots of trees? Might need to trim ‘em. And don’t forget regular maintenance and cleaning, which could cost a few hundred dollars per year. Solar panels can also increase the value of your home, which will also increase your home insurance costs (Zillow says it’s an average of 4.1%). Um, yay?
- 👍 Worth It? - It’s a pretty stiff cost up front, but the savings could be huge over the long term. First, there’s a federal tax credit that will save you 30% of the panel costs until 2032 (it goes down after that), which is about $5,500 for the average installation! If you live in a place with lots of sun and high energy costs, you’re almost guaranteed to save money over time, with many estimates being around 10%. That’s enough for at least a couple Starbucks per week!
🔥Bottom line: There are so many variables that impact both costs and savings that it can be hard to estimate how it might work out for you. But, Forbes has a guide and calculator that can help you get a pretty good idea. If you’re interested in getting solar panels for your home, the best thing you can do is contact a high quality panel company in your local area to get a professional guide through the process.
Are you going solar?
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