Does solar actually save money?

Contents

1 Solar panels have decreased in price.
2 Paying utilities can be expensive.
3 You can get tax credits for solar.
4 The short-term costs could be higher than you expect.
5 Solar panels are not maintenance free.
6 It is possible to save money with solar, but only if you calculate your costs carefully and invest in a high-quality system.

Read Time:4 Minute, 38 Second

Solar panels are a great way to save money on electricity. They’ve gotten so much cheaper in recent years that you can even buy them outright and pay them off over time without taking out any loans. But no matter how many times I read that solar panels are a good investment, I still have to ask myself: will they really save me money?

Solar panels have decreased in price.

The cost of solar panels has decreased by over 60% in the last 10 years, and over 40% in the last 5 years. The price of solar panels is expected to continue falling as more people start using them and demand increases.

Paying utilities can be expensive.

Utilities are expensive. They’re unpredictable, environmentally unfriendly, and not reliable. You don’t have to pay for your utilities with solar panels–but if you do choose to go solar, it’s important that you know what kind of savings are possible for your specific home and usage patterns.

You can get tax credits for solar.

The federal government has tax credits for solar, wind and other renewable energy sources. The state government may also have tax credits for solar.

The 30% federal Investment Tax Credit (ITC) is currently available to homeowners who install a solar system on their home or business. You’ll receive this credit over the next four years as you pay off your loan, which means that you could save up to $10,000 by going solar!

The short-term costs could be higher than you expect.

There are a few additional costs you should consider before you decide to go solar.

The cost of installation: Installing solar panels can be expensive, especially if you have a lot of them. You’ll also have the added expense of getting permits, paying for an electrician and having your roof inspected by city inspectors. If your home is less than 10 years old, it’s likely that there won’t be any issues with adding new wiring or changing out old equipment–but if your house is older than that (and many older homes were built without ground-mounted systems), then this might require some expensive repairs before installing solar panels on top of them.* Maintenance: Solar panels aren’t maintenance-free; they need cleaning from time to time and occasionally require replacement parts as well.* Equipment replacement: Like all things mechanical, eventually something will break down on your system–and when it does happen (likely within 10 years), expect another big bill coming in from the company who installed it.* Electrical upgrades: If yours isn’t already ground mounted but instead sits atop an existing shingle roofing system like asphalt shingles or wood shake siding (which has been popular since 1950s), there may be some additional costs associated with upgrading these materials first so they can hold up against weather conditions while still being able to support heavy loads such as those created by these types of structures.* New roofing materials needed after installation

Solar panels are not maintenance free.

Solar panels are not maintenance free. They need to be cleaned and checked for damage, the inverter needs to be checked regularly and maintained, the system can be damaged by storms and other natural disasters. The fact that you don’t have to pay for electricity doesn’t mean you won’t need to pay for anything else related to your solar system.

It is possible to save money with solar, but only if you calculate your costs carefully and invest in a high-quality system.

You need to do the math. Solar panels aren’t cheap, but they can be worth it if you’re able to produce more electricity than your home uses over time. To find out how much money you’d save by installing solar panels on your roof, use an online calculator like this one from EnergySage or this one from the Environmental Protection Agency (EPA). Both tools are free and easy to use; just enter some basic information about yourself and where you live (e.g., zip code), then hit “calculate.” The results will tell you how much energy savings could be possible under different scenarios–for example:
Invest in high quality panels: While cheap systems may seem appealing at first glance, they’ll probably end up costing more than they’re worth over time because they won’t last as long or generate as much electricity as more expensive ones do.* Consider installation costs: Installing new equipment requires labor that isn’t included in most estimates of savings gained through using renewable energy sources like solar power; so make sure those figures include everything needed for successful installation before making any decisions based on them.* Consider maintenance costs: It’s also important when calculating potential savings from going green not just look at initial investments but also think about ongoing expenses such as maintenance fees which may include regular cleaning plus repairs when necessary.* Be aware of tax credits/incentives available from local or state governments — these can provide additional incentive beyond just saving money directly through reduced utility bills!

We hope this article has helped you understand the costs of installing a solar panel system on your home. Although it may seem like an expensive investment, there are many benefits to going solar. You’ll save money on your utility bills and help protect the environment by reducing your carbon footprint–two things that everyone should consider when making decisions about their home or business