Should I Go Solar? Benefits of Installing Residential Solar Panels

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Last Updated on November 1, 2023 by admin

Should I Go Solar? Benefits of Installing Residential Solar Panels

As energy costs continue to rise, many homeowners are turning to solar energy. According to a report by the National Renewable Energy Laboratory (NREL), the cost of solar panels has dropped by over 70% since 2010, making solar energy an attractive option for homeowners looking to save money and reduce their carbon footprint. Solar energy for home use has become more accessible and affordable than ever before, with the installation of house solar panels becoming increasingly popular. In this article, we will explore the benefits of installing solar panels at home and answer the question, should I go solar?

benefits of solar

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Important Points To Remember:

    • The cost of solar panels has dropped by over 70% since 2010, making solar energy an attractive option for homeowners.
    • Solar energy will not only save you money on your utility electric bill, but it will also help you break even with your solar panel system quickly as possible.
    • Report by the Lawrence Berkeley National Laboratory, homes with solar panel installations can increase their value by up to 4.1%.
    •  The NREL shows that solar energy is one of the cleanest and most sustainable sources of energy available.
    • A report by the SEIA found that homeowners can earn an average of $300 per year through net metering.

What is in this article:

Should I Go Solar in 2023?

Is it worth installing a solar panel on your home is the question that makes every homeowner’s mind tick. To find out whether solar panels are the best fit for that you need to take into consideration the following key points:

best option solar

1. High electricity price in your locality:

If in your local area, the price of electricity is quite high then solar energy is the best option. It is preferable to install solar panels in your home; it will not only save you money on your utility electric bill. But it will also help you break even with your solar panel system as quickly as possible. So, in case you pay a high cost on your electric bill, then the answer to your question, should I go solar is pretty obvious.

 

2. Federal and state incentives:

Some states incentivize their solar market in order to promote renewable solar energy. Like California, New York, Texas, and Iowa. Not only the process of going solar is quite streamlined in these states. But also, these states offer extra solar incentives, rebates, and renewable credits to the first-time solar buyer. In spite of this, the federal government also offers a 30% tax credit on solar panels. The 10kWh solar panel system usually costs about $20,000. But you only have to pay $14,000 after 30% federal tax credits. Sadly, this federal credit is only available till 2034.

3. Weather conditions:

If in your area the amount of sunny days is 300 or near, then it is worth installing solar panels at your home. If your area is often met with hurricanes, storms, or tornadoes, solar panels might not be for you. If your areas face a prolonged autumn season, then it will cause shade problems for your solar panels. In the same way, too much sand can also impact the sunlight absorption of solar panels.

4. Sun Number Score:

This number usually gives your insight into your question of should I go solar or not. This number shows the solar production potential of your home. It usually ranges from zero to a hundred. With zero being the lowest and hundred representing the best place for solar panel home installation. If your solar number score is between fifty and seventy, then you should go solar.

Under what circumstances should I not go solar?

shoud i go solar

1. Low electricity bill:

The amount of money you pay on your utility electric bill depends upon the location of your house. For example, in the south of the US, the utility provider will charge you about 12 cents per kWh. While in the North and Northeast, the electricity can be 20 cents per kWh. If you pay less in the monthly electric bill than getting a solar system installation. Then, it is not wise to go solar, it will take you longer to break even with the solar panel. This will negate the whole purpose of going solar which is to save money on your electric bill.

2. High Upfront Fee:

Some solar installer companies will have you pay more money than is required. To avoid this situation, it is better to sign a solar contract with a renowned solar brand like Solar SME. Solar SME believe in transparency and are also offering solar panels at zero percent upfront cost. But if in your area you have to pay the high upfront fee. Then it is worth installing solar panels on your rooftop.

3. Renting a property/leasing solar panels:

If you do not own the property, then you should avoid going solar. Leasing solar panels on the power purchase agreement or on a monthly fixed payment is not a good option. Because this agreement and monthly payment come with an annual escalator of 15%. This eventually makes you pay more than the actual cost of solar panels.

What are the possible Benefits of Solar?

There can be various reasons to answer your question of why should I go solar but the main one that might pique your interest.

pros n cons

1. Save on Electric Bills

One of the most significant benefits of installing solar panels at home is the potential to save money on your electric bills. According to a report by the Solar Energy Industries Association (SEIA), homeowners can save an average of $1,000 per year on their electric bills by installing solar panels. In some states, the savings can be even higher. Homeowners in California and Hawaii save an average of $2,000 per year. These savings can add up over time, making solar energy a sound investment for homeowners looking to reduce their monthly expenses.

2. Increase Your Property Value

In addition to saving money on your electric bills, installing solar panels at home can also increase the value of your property. According to a report by the Lawrence Berkeley National Laboratory, homes with solar panel installations can increase their value by up to 4.1%. This means that installing solar panels not only saves you money on your electric bills. But it can also increase the value of your home, making it a sound investment for homeowners.

3. Limit Your Carbon Footprint

By generating your own clean and sustainable energy, you can reduce your reliance on fossil fuels and contribute to a healthier environment for future generations. According to a report by the NREL, solar energy is one of the cleanest and most sustainable sources of energy available. It also produces no harmful emissions and reduces our dependence on fossil fuels. Installing solar panels at home can significantly reduce your carbon footprint, making it an attractive option for environmentally conscious homeowners.

4. Independence from Utility Grid Station

Another benefit of installing solar panels at home is the potential for greater energy independence. By generating your own electricity, you can reduce your reliance on the utility grid station and enjoy a more reliable source of energy. This can be particularly beneficial during power outages or other disruptions to the grid, as you will still have a source of electricity for your home. Additionally, by generating your own energy, you can enjoy greater control over your energy source and reduce your vulnerability to fluctuations in electricity prices.

5. Earn Through Net Metering

Net metering allows you to sell excess energy generated by your solar panels back to the grid. This results in credits or even cash payments from your utility company. A report by the SEIA found that homeowners can earn an average of $300 per year through net metering. This means that not only can you save money on your electric bills by installing solar panels. But you can also potentially earn money by selling excess energy back to the grid.

6. Healthy Environment

In addition to the financial benefits of solar energy, there are also significant environmental benefits to consider. According to a report by the NREL, solar energy is a clean and sustainable energy source that does not produce harmful emissions, making it a better choice for the environment than traditional fossil fuels. By generating your own clean energy, you can reduce your carbon footprint and contribute to a healthier environment for future generations.

7. Great Return on Investment

While the initial cost of solar panel home installation can be substantial, the long-term savings and potential financial benefits make it a sound investment for many homeowners. According to a report by the SEIA, the average payback period for a solar panel installation is 7 to 20 years, with some homeowners recouping their investment in as little as 5 years. This means that homeowners who install solar panels can enjoy a significant return on investment over time, as the savings on electric bills and potential earnings from net metering add up.

8. Avoid the Inflated Electricity Price

Electricity prices are subject to fluctuations and can increase over time, making it difficult to predict monthly expenses. By generating your own electricity with solar panels, you can avoid the risk of inflated electricity prices and enjoy more predictable monthly expenses. This can be particularly beneficial for homeowners on a fixed income or those who want to avoid the financial uncertainty associated with fluctuating electricity prices.

9. Source of Employment

The growth of the solar energy industry has also led to an increase in employment opportunities. According to a report by the SEIA, the solar industry employed over 231,000 workers in the United States in 2020, with jobs ranging from installation to sales and marketing. By installing solar panels at home, you can also contribute to the growth of the solar energy industry and support the creation of new jobs in your community. In the same way, according to the Solar Foundation’s Annual Solar Job Census, the solar industry employs over a quarter million people. so, solar industry is a decent source of revenue for a nation.

What are some Cons to consider while going Solar?

while solar energy offers numerous benefits. It is important to consider the potential drawbacks before deciding whether to install solar panels at home. Here are some cons of going solar to consider when answering the question, “should I go solar?”

1. High Upfront Costs

One of the biggest barriers to installing solar panels at home is the high upfront costs. While the cost of solar panels has decreased significantly in recent years. But the initial investment required for installation can still be substantial. According to a report by the National Renewable Energy Laboratory, the average cost of a residential solar panel installation in 2022 was around $20,000. This can be a significant expense for homeowners, especially those on a tight budget.

2. Dependent on Sunlight

Another potential drawback of solar energy is that it is dependent on sunlight. This means that solar panels are less effective on cloudy or rainy days and may not generate enough energy to power your home. Additionally, solar panels are less effective during the winter months when there are fewer daylight hours. This can be a concern for homeowners who rely solely on solar energy. They may also experience disruptions in their energy supply during inclement weather. To avoid this situation, you need to install a solar battery along with your solar panel system. This can easily set you back to about $5,000 financially.

3. Maintenance Costs

While solar panels require minimal maintenance, they still require some upkeep to ensure they continue to function effectively. This can include cleaning the panels to remove dirt and debris, checking the wiring and connections, and replacing any damaged or faulty components. These maintenance costs can add up over time and should be factored into the overall cost of installing solar panels.

4. Limited Availability of Net Metering

While net metering can be a significant benefit of installing solar panels, it is important to note that not all states offer this program. Additionally, the availability and terms of net metering can vary depending on your location and utility provider. This means that homeowners may not be able to take advantage of the financial benefits of net metering in all cases. With the recent passage of NEM many states are reconsidering their Net Metering policies.

Conclusion

In conclusion, the decision on going solar needs to be based on careful consideration of the advantages and disadvantages of solar energy. It also depends on the personal goals and priorities of the person. Solar energy offers numerous benefits, including savings on electric bills, increased property value, and a reduced carbon footprint, among others. However, there are also potential drawbacks to consider, such as high upfront costs, dependence on sunlight, and maintenance costs.

 By conducting thorough research, consulting with a reputable solar installer, and exploring state and federal incentives and tax credits. Homeowners can make an informed decision about whether solar energy is the right choice for their homes. With its long-term financial benefits, environmental advantages, and increased energy independence. Solar energy may be a wise investment for many homeowners.

Frequently Asked Questions
How do I know if solar is right for me?

How do I know if solar is right for me?

To determine if solar is right for you, consider factors such as your location's climate and sunlight availability, your energy usage, and financial incentives. Consult with a reputable solar provider to evaluate potential cost savings and environmental benefits, and to assess the feasibility of installing a solar energy system at your property.

Do you actually save money by going solar?

Do you actually save money by going solar?

Yes, going solar can save you money in the long run. While the initial costs of installing a solar energy system can be significant. Solar panels can generate electricity for decades, reducing or eliminating your monthly energy bill. The amount of money you save depends on a variety of factors. These factors include the size of your solar energy system, your energy consumption, and the amount of sunlight your property receives.

Is going solar better than electric?

Is going solar better than electric?

Going solar can be a great option for those who want to reduce their carbon footprint. It can also help save money on their energy bills and have control over their energy source. Solar energy is a renewable energy source that generates electricity by converting the sun's energy into usable power. It is a clean and sustainable source of energy that does not produce harmful emissions. This makes it better for the environment than traditional fossil fuels.

2 thoughts on “Should I Go Solar? Benefits of Installing Residential Solar Panels”

  1. Victoria Addington

    My aunt has been trying to live more sustainably. It’s a good thing I found your article because, as you indicated, one of the most sustainable and clean energy sources is solar energy. Given that power outages are often where she lives as well, I think trying this out would be a fantastic idea. I’ll be sure to let her know about this and look into companies that can assist her in installing solar panels.

  2. It’s great that you mentioned that solar panels can help you save money on your electric bill. It seems like it would be a good idea to have solar panels if you live in an area with hot summers. You would want the savings on your electric bill so that you can keep running your air conditioning system without spending too much money.

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