Are solar panels worth it? Let’s be real for a minute. Solar energy offers many benefits for the world as well as for homeowners. But not everyone’s the same. Here’s what to consider when determining if home solar panels are worth it for you and your family.
What are the benefits of installing solar panels on your home?
Solar panels offer many compelling benefits. They can reduce your home’s carbon footprint, cut the costs of your utility bills and may even increase the value of your home. But are they worth it for your home?
Here are just a few of the benefits that could make solar panels worth it for your home:
- Lowers your utility bills
- Reduces your carbon footprint
- Protects you against rising energy costs
- Increases the value of your home
- More control over your home energy use
Going solar can also protect you from power outages when paired with a backup battery.
Are solar panels worth it financially?
The true answer to this question depends on the unique factors that set your home apart. This includes the state you reside in, the projected energy usage for your home, how much access to sunlight your solar panels have and other factors outlined in this guide.
If you’re still wondering, “How much do solar panels cost?” and “Are solar panels worth the investment?”, take into account your potential savings and how much they may increase the value of your home. You’ll also need to include the many solar incentives available that make solar more affordable.
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Which homeowners benefit the most from going solar?
Yes, there are distinct advantages to using solar energy. But it’s understandable if you’re still wondering if solar panels are truly worth it. Depending on where you live and your home energy consumption, some homeowners may benefit from solar energy more than others. Let’s take a look at the types of people and homes that benefit the most from solar panels.
Homeowners who can take advantage of local and federal tax incentives
Cost plays a role in almost every major decision a homeowner makes. And there’s no question about it: a solar energy system is an investment. That said, it’s an investment that a growing number of homeowners are finding worthwhile.
Why? Well, for one thing, incentives on a statewide and federal level are making going solar more affordable.
The federal government has approved a 30% solar tax credit (ITC) for homeowners who want to install solar panels.* The ITC allows you to claim up to 30% of the total cost of a qualifying solar energy system, including labor and equipment.
Depending on where you live, you could save even more money with any state solar incentives that might be available to you.
And there might be even more incentives available to you on a local level. Some counties and cities offer incentives on top of state and federal credits. You can learn more about which solar incentives you may be eligible for by contacting one of our Solar Energy Specialists.
Homeowners with high electricity bills
If you have high utility bills and are frustrated that they keep rising each month, you may find that solar panels are worth it for your family. As you may have noticed, the cost of electricity in the U.S. is steadily climbing. Consumers are looking to cut electricity expenses and solar can help protect you against rising energy costs.
Homeowners who can take advantage of special programs offered by utility companies
Net metering is a program offered by some utility companies that allows you to receive credits on your electric bill for the unused energy that your solar panels produce. Depending on your unique home energy consumption and production, this could help you save money if your utility company offers net metering.*
Offsetting time-of-use (TOU) rates is another money-saving tactic that some homeowners with solar panels and a battery backup use. Some utility companies charge more when they anticipate energy usage is at its highest among most customers. For that reason, in a TOU rate structure, electricity rates are at their highest when customer demand is the highest. A battery backup allows homeowners to use the excess energy that their solar panels produce during the day to power their home when electricity rates are at their highest in the evening.
Homeowners who drive electric vehicles
If you drive an electric vehicle like a Tesla, Chevrolet Bolt or Nissan Leaf, you probably want to charge your EV at home. But you may find that charging your electric car at home is running up your electricity bill. Solar panels can be a great solution, ensuring that you have enough clean, renewable energy for both your home and your EV.
This is one of the reasons why Texas homeowner Joann Trial decided that solar panels were worth it for her family. She told us, “I deliberately charge my car while the sun is shining and the solar panels are reducing the load on my electrical system. They overproduce and that allows me to send electricity back onto the grid.”
Homes in sunny locations
Location plays a key role in determining the value you will receive from your home solar panel system. Homeowners who live in sunny locations like Arizona or Florida may find that going solar is worth it for them, while a house located in the woods and surrounded by trees is probably not an ideal candidate for solar panels.
Additionally, south-facing roofs will offer the best placement for solar panels, but solar panels can still work in less-than-ideal conditions like cloudy days.
Just imagine pushing the accelerator on the latest sleek EV, feeling it take off quicker than your old gas guzzler ever did, and knowing that the energy you’re sending to your motor was generated on your home’s roof and comes from the sun. Zoom, Zoom, indeed! Can you charge an EV with solar panels? Absolutely!…
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How long do solar panels last?
The standard lifespan for solar panels is 25-30 years. And if you choose high quality solar panels from a trustworthy solar installer and manufacturer, they should include warranties guaranteeing a certain level of production. For more information, check out this blog about solar panel longevity.
Solar panels can be a worthwhile investment. They’re built to last and can become an integral part of your home’s power production.
Ready to see how much you could save with solar? Find out with our solar calculator.
So, are home solar panels worth it?
Based on the factors mentioned above, we’re inclined to say “yes!” Again, the right answer for you depends on your individual situation. However, there’s no denying that solar:
- Is a great way to help you regain control over your home’s energy
- Can reduce your carbon footprint
- Might reduce your electric bills
And if you add a battery backup, solar panels could even help to power your home through blackouts. Moreover, thanks to an increased federal tax credit of 30% for the cost of a solar energy system, solar is more affordable now.
At the very least, it’s worth discussing the possibility of going solar with an expert. Contact a Solar Energy Specialist today to get more insight and help you make an informed decision.