How do you know if solar panels are worth installing in your home? The list of benefits is long and requires your full attention. Let’s go over the pros and cons of installing solar panels and we can help you out answering this question.
Pros and Cons of Solar Panels
Advantages
Lower Cost Of Electricity
Solar panels actually generate their own electricity, so they can greatly reduce your monthly electricity bill. They can even eliminate it. If you get a high electricity bill, you will benefit greatly from switching to solar panels.
Higher Home Resale Value
Having solar panels installed on your rooftop can increase your home’s value. The return on investment is higher than any kind of home improvement, like a kitchen. Solar panels can boost the sale price of a home by 40%.
Lower Taxes
The Solar ITC (Investment Tax Credit) is a reduction in your federal tax liability of dollar-for-dollar equivalent to 30 percent of what your solar energy system costs. Once your system goes online you can take the full deduction, but you can also do it over time.
Minimal Maintenance Costs
Once your solar panel system is installed your costs to maintain it will be minimal. If the system suffers from any damages from a storm or a natural catastrophe you will be covered by your homeowner’s insurance. If you need any repairs or replacements they should be covered by your warranty.
Reduced Environmental Impact
Having your home powered by solar panels will help you lower your carbon footprint greatly and will not create pollution. You will contribute to a cleaner and more robust electric grid. This is as opposed to regular electricity that is made by burning fossil fuels.
Disadvantages
Upfront Cost
Your out-of-pocket costs will depend on which solar panels you pick, the size, what type, and what incentives. If you buy your system with cash your investment will be smaller but it will take longer to pay back. If you finance it you can reduce or eliminate the upfront cost but will lower your savings.
Payback Time
Going solar is a long-term investment, and it doesn’t matter if you pay with cash or you finance it, it will definitely take some time to see some ROI. But, when you pass that point, the reaping of your savings will be for decades. If you’re not planning on staying in your home for decades, your home value will only increase.
Not Ideal For Every Home
Sadly, solar is not good for every home. Your home should have a certain amount of sunlight without obstruction. Of course, the amount of sunlight you get depends on where you live, how much shade covers your roof, and what direction your home faces.
Do Solar Panels Make Sense For You?
Figuring out whether to install solar panels can seem like a daunting task, however, it is important to remember that this is a long-term investment. Solar power in Florida is a good choice from a financial standpoint. Even if the solar panel installation seems more expensive than electricity, with solar panels you will avoid any potential future fluctuations in energy prices. And, as a bonus, you will be living in a more environmentally friendly way.
Solar Panel Installation in Clearwater, FL.
So if you’re still wondering if solar panels are worth installing and you want more information about solar panel installation, costs and financing, contact East-West Electric at (727) 771-9403. Don’t miss out and start saving!
