WorldExecutivesDigest.com | Do the Benefits Outweigh the Costs of Solar Panels? | Did you know that over 2 million residents in the United States have solar panels? Because of the environmental benefits, these numbers are expected to increase by 2024, with 2.5% of homes using solar power.
Based on the costs of solar panels, you might be wondering if it’s worth it. To help you figure out if solar panels are right for you, these are the pros and cons that you should consider.
Solar Tax Credits
When considering the costs of solar panels, it’s important to consider tax credits. To encourage more homeowners to install solar panels, the federal government offers an income tax credit of about 22% of the solar panel installation cost.
Besides federal tax credits, many states also offer incentives for homeowners. This includes Florida, Illinois, Minnesota, and Wisconsin.
Your Location Matters
The amount of money you’ll save by installing solar panels is somewhat dependent on your location. The savings can be huge if you live in a state like Florida or Arizona, where there’s abundant sunlight.
However, the savings are smaller if you live in a location where your roof doesn’t get as much sun exposure.
South-facing solar panels are the most effective.
Energy Savings From Solar Panels
The cost of your monthly energy bills is more than the monthly payment for solar panels. Plus, once you’ve paid off your solar panels, you essentially can get energy for free.
The average cost of electricity in the U.S. is about 10.42 cents per kilowatt-hour. Hawaii has the most expensive energy costs, while Louisiana has the least expensive costs.
Depending on where you live and the type of tax credits you’re offered, you can expect to pay between $11,000-$14,000 in total for solar panels.
Resale Values of Property After Solar Panels
Another thing to consider when examining solar panel costs is the impact on the resale value of your home. If you buy solar panels (instead of leasing them), you can maximize your energy savings through the increased resale value of your home.
Solar panels automatically increase the value of your home on the market. The increased value can be as high as $15,000 above the value of your home without solar panels.
You can find more info on solar panel costs by reading reviews online and asking others who have installed solar panels.
Now You Know Can Weigh the Costs Of Solar Panels Against the Benefits
When weighing the costs of solar panels against the benefits, the choice should become clearer. If you live in a sunny location, there can be massive benefits to solar panels over the long run.
Though solar panels aren’t cheap, it’s an investment that could save you a lot of money over time. Plus, most solar panels last for at least 30 years.
But, before purchasing solar panels, be sure to thoroughly research the different types of panels available to find the right one for you.
And if you want to learn about other topics related to your home, check out the rest of our blog. We have a bunch of other informative articles that you’ll love!