It’s no secret that solar energy is becoming more and more prevalent in the United States. Even by 2019, there were over 2 million residential units with solar panels installed.
This begs the question: is investing in solar power worth it?
Many homeowners struggle with this question, partly because it’s a complicated one. In this article, we’ll be outlining why a solar power investment is a worthwhile one in 2021.
Read on to find out more!
What is Solar Power?
Solar power refers to energy harnessed from the sun’s rays. Solar panels work by converting the photons from the sunlight into a direct current. This current then flows through an inverter.
The inverter then converts those currents to alternate currents, which are then sent to your electric box to power your home. This makes for an extremely efficient and clean way to generate electricity.
There are plenty of reasons why people are switching over to solar power, including the environmental benefits. By harnessing the sun’s energy, you’re decreasing your carbon footprint while getting the same amount of electricity.
There’s also the benefit of cost. Sustainable energy from the sun means you’re paying less and less to your city’s power grid. Governments also offer tax breaks and other benefits to installing solar panels.
But that doesn’t tell the whole story in terms of costs. How much do solar panels cost, and how will you benefit from a solar power investment?
Cost of Solar Panels
Solar panel costs vary depending on the size of the panels themselves, as well as the size or layout of your home. Most homeowners should expect to pay anywhere between $15,000 and $25,000, all told.
The best part of this deal, however, is the low maintenance cost. Many people tend to forget about maintaining their appliances and the costs those repairs bring. Not the case with solar.
While you will have to clear debris or touch it up now and then, your solar panels will likely run efficiently by themselves with minimal help. This means little maintenance and maximum power for over 15 years!
This doesn’t even consider the tax breaks and credits you can claim from your state and local governments. This makes financing your solar panels that much easier.
What’s the Return on Investment?
Calculating your solar panel ROI can be tricky as it depends on how much you’re paying for your electricity.
Think about it this way. If you spend about $15,000 on solar panel installation and you usually pay about $200 a month on electricity, you’ll spend about 56 months paying back those initial costs.
This might sound too long, but remember that you’re hardly paying any money on electricity during that entire period. This means you’re profiting during those 56 months.
Should You Go For It?
If those financial and environmental benefits sound good to you, it might be time to consider solar panels. Remember, however, that panels don’t work for every home.
The size of your house and the structure of your roof might change your budget. The best option is to contact a contractor to assess your situation.
If you’re an Ohio resident, check out blueravensolar.com/state-ohio/ to get an expert appraisal.
Leverage Solar Power Investment Today
Not only is a solar power investment profitable for many homeowners, but it also benefits the world around you. Use this article to help you decide whether solar panels are right for you.
For more informative articles on real estate and home topics, check out the rest of our site!