When you consider the rising cost of electricity from traditional sources, the environmental impact of fossil fuel power stations, and your own monthly energy bill, it’s easy to see the appeal of solar panels. However, you might be wary of the upfront cost. So before you make the leap, it’s important to explore the long-term effects of installing a solar energy system. Are solar panels worth it?
Are Solar Panels Worth It?
If you choose to install a solar energy system on your property, you will undoubtedly save money on your electricity bills and help protect yourself against rising electricity rates in the future. However, the amount you will save varies depending on the utility rates and solar policies in your area and whether or not you qualify for solar energy rebates and incentives.
Are solar panels worth it for your home or business? To decide, you’ll need to consider a variety of factors.
Your Electric Bill
How high is your monthly electric bill? If you choose to invest in solar panels, you can greatly offset your monthly electric bill – and, in some cases, eliminate it. People with a higher electric bill will benefit more from a switch to solar energy. Keep in mind that electricity rates and usage vary, so your savings will fluctuate.
According to the Environmental Protection Agency (ETA), electricity accounts for approximately 25 percent of total U.S. greenhouse gas emissions. The fossil fuel power stations that supply energy to most American homes create carbon emissions as well as local air pollution in the areas surrounding the power stations. Installing a solar energy system can help you reduce your personal environmental footprint.
Solar panels harness energy from the sun, so if you live in an area with more sun exposure, you have the potential to save more money by switching to solar. In addition, the location of solar panels will impact their effectiveness. How is the roof oriented in relation to the sun? How much shade does the area get? What type of roof is it? All of these factors will play a role in the success of a solar energy system.
Because they’re made of durable tempered glass and designed for long-term use, solar panel systems require little to no maintenance for the first 25 to 35 years that they generate power. Typically, the panels don’t even need to be cleaned regularly.
To encourage property owners to invest in solar energy, the government offers incentives for installing solar panels. The most significant incentive is the federal investment tax credit (ITC), which allows the property owner to deduct 26 percent of the cost of their solar energy system from their taxes in the form of a tax credit. Your state may offer additional tax credits. Moreover, certain municipalities and utilities offer cash rebates and other incentives for solar energy systems.
When you invest in a solar energy system, you’re also investing in your property. Homes with solar energy systems sell for more than homes without them. In fact, according to 2019 research conducted by Zillow, homes with solar energy systems sell for more than 4.1 percent more on average than comparable homes that lack solar power.
If you’re wondering how solar panels could benefit your home, your business, your wallet, or the environment, contact ArrowPoint Solar today. Our expert engineers have helped more than 1,000 homeowners and businesses in Missouri, Oklahoma, and Arkansas save money and reduce their carbon footprints by switching to solar energy. We’re proud to be the leading experts in solar and LED energy in the Ozarks. To learn more about the value of solar energy and how it could benefit you, request a free solar consultation today.