Today's Homeowner

When Are Solar Panels Worth the Investment?

Solar panels don't make sense for every home. In some places, installation costs are prohibitive, or there's a lack of solar subsidies and tax credits. Plenty of streets are completely shadowed by neighboring skyscrapers or dense foliage. Although you may still consider the environmental benefits, there are no strong financial incentives for switching to clean energy in these cases.

What Are the Main Benefits of Going Solar?

Whether you've come to solar for the savings on your electric bill or to save the planet, the consequences are the same. Homeowners investing in solar technology pay less for electricity while reducing their environmental footprint. We'll review the five biggest benefits of going solar and a few clear ways of discerning whether it's the right call for your home.

Are There Any Drawbacks of Installing Solar Panels?

The initial cost is the biggest downside to investing in a solar panel system. With an average price tag of $13,000 after factoring in the Federal Tax Credit, this decision cannot be taken lightly. Consider your savings, credit score, and money goals before finalizing a deal: clean energy is not worth putting yourself in a precarious financial position.

How To Determine When You Will Break Even On Your Solar Investment?

A solar buyback period is the amount of time it takes for your electric bill savings to surpass the overall cost of the system. This is the magic number: once your solar loan is paid off, you'll be free from energy costs for as long as the panels last. On average, it takes between seven and twelve years to break even on installation costs.

How Much Can You Save By Going Solar? (With Steps to Calculate)?

The average U.S. household will consume 886 kilowatt hours (kWh) of electricity in one month. With each one of these kWh costing you approximately 16 cents, we can calculate an average monthly electric bill of $143. This number will change depending on your energy needs. This means that your solar panels only need to cover 75% of your electricity usage to give you $1,287 of yearly savings.