Companies everywhere will use the same sales pitch, “solar panels can save you thousands of dollars”. They make it sound simple, but, whether you want to invest in long-term or short-term use, many people wonder if solar panels are worth it or not. Rather than buying into the hype right away, consider learning the ins and outs of solar panels. To get you started, here are some basics and more about them to help you further decide.
What’s Your Electricity Bill?
Taking a look at your electricity bill can be the biggest factor in telling whether solar panels are worth your time or not. You pay for kilowatts per hour and the rate can vary based on where you live. Some parts of the country pay as little as a mere 8 cents while other parts of the country pay as much as 20 cents if not more! That can really add up over time!
Going solar means you have a small mini power plant in your rooftop and this is how you’ll get electricity. This means that when the higher your electricity bill is, the more you’ll benefit from installing solar panels. You can use solar calculators to determine if this is going to save you more money or not.
Cost of the Solar Panels System
Installation process of solar panels can vary widely as well. It can vary on the company you choose as well as the type of equipment you have installed. With cheaper solar panels you’ll save some cash and with higher solar panels you might find you get better results. Some people go cheaper to save some cash at first to see if it’s worth it. Take a look at all the equipment needed and find the right combo that’ll work for your needs. Make sure you look into rebates also to help save even more money.
How Are You Paying?
Some people choose to finance or lease their solar panels, as they can cost a pretty penny. If you have enough money to pay cash for them, you’ll find that you can save more money. However, even leasing them with a $0 down option you can still save tens of thousands of dollars. Whether you lease solar panels or do a power purchase, your total savings can be in the area of 10-30%! This can lead to be a great amount of savings for you!
Solar loves sunlight. However, if you don’t live in the sunny Southwest, you can still reap the benefits of solar panels. In fact, there are many states, New Jersey, New York, and Massachusetts can even benefit from solar panels.
For homeowners who are in the early stages of shopping, there are many companies that can offer free quotes. The payback period for payback is around 8-9 years if you have a professional company installing your system. Solar panels can really be beneficial to your home and can help you save money in the long run on your electricity bills.