Are Solar Panels Worth It? Simple Reasons Why The Answer is "Yes"!
Can solar panels really lower your energy bills. Find out the answer to the question, "Are solar panels worth it?"
23/04/2019
Can solar panels really lower your energy bills. Find out the answer to the question, "Are solar panels worth it?"
The number of solar installations in US homes is expected to double over the next half-decade. Add to that the increasing amount of businesses that are beginning to incorporate solar energy into their workflows and something becomes very obvious...
Solar power is big and it's not going anywhere.
Chances are, if you're reading this article, you're aware of what solar energy can do. You may just be looking for a nudge before actually picking panels up.
If that's the case, then you're in the right place!
Below, we talk about key reasons why the answer to the question "Are solar panels worth it?" is a resounding "yes"!
The Key Solar Advantages
When people ask us the question, "Are solar panels worth it?" we like to run them through the key advantages that buying into solar energy can bring to their lives. While solar advantages are virtually unlimited, for brevity, we've compiled our top 9 reasons why solar is so valuable.
You'll Spend Less Money on Electricity
Your primary question around solar energy is probably if it'll save you money or not. No matter where you live, we can confidently say that over the course of 20-years of relying on solar panels, not only will you pay them off but you'll have seen a return on your investment.
While savings will be greater in areas of the United States that are flush with sunlight, even states in the Northwest where sun exposure is limited have reported healthy returns on panels.
If saving money is important to you then solar panels are a simple way to do exactly that!
Solar is Solid When it Comes to Investing
How much return are you seeing on your investments right now? 5%? 8%?
Most investments that you make will hover around that range unless you're putting your money into very risky propositions which aren't recommended by most reasonable advisors.
What if we told you though that you could see returns as high as 20% per year by investing in solar? Depending on the area you live in, that figure is entirely possible.
Energy Sage estimates that solar owners can save as much as $30,000 by migrating to solar over the course of 20-years. That number doesn't even include different federal and state credits that we'll discuss more in a moment.
You would be very hard-pressed to find an investment as solid, safe and yielding as solar energy anywhere else.
Energy Purchase Protection
With populations ballooning in the United States due to increased immigration and flat birthrates, your local community's power grid is likely coming under severe stress due to increased energy demand. While that stress might not be apparent today, we're guessing that it will be a few years from now.
As energy demand soars and local communities struggle to keep up, the only way that providers will be able to temper demand will be to increase electricity rates.
When electric rates go up, people will spend more each month. In addition to that, solar panel costs will go up too, since demand for energy alternatives will naturally boost.
Getting ahead of that price hike by buying into solar panels today will save you a tremendous amount of money when prices fluctuate.
More Value Built Into Your House
When people ponder the question, "Are solar panels worth it?" they tend to focus solely on what solar energy can do for their utility bill. We don't blame anybody for riding that thought train. After all, much of our pro-solar disposition is based on energy cost savings as well.
What we'd also like to mention though is that solar panels can have a secondary effect on your net worth in that they will boost your home's value.
Think about it, if you told a prospective buyer that purchasing your house will save them 50% or more on their electricity bill for the next 20+ years, what would they be willing to pay for that privilege?
We're willing to bet quite a lot which can further offset your upfront cost of installing panels.
A Sense of Independence
While not the most tangible "Are solar panels worth it?" benefit, independence is a big consideration when switching to solar energy.
Electricity is a key resource that is monopolized by big businesses which are heavily regulated and subsidized by the government. If relying on 3rd parties for a life or death resource makes you feel uneasy, you're going to love solar.
The sun provides infinite amounts of energy that doesn't belong to any person or entity. Sunlight is yours for the taking and armed with it, you'll never have to be at anyone's beck and call when it comes to obtaining energy.
Contributions to a Green Economy
5% of the US workforce works in the oil industry. This industry is to be thanked for providing us with energy but is also to be blamed for inflicting substantial environmental damage on our planet.
What if we could take the pros from that previous sentence and get rid of the cons? What if we could change the energy industry into one that provides energy without leaving a massive eco-dent in our communities?
The truth is, we absolutely can and the best way to do that is by supporting clean energy via the purchase of solar.
The more people that buy solar panels
for their homes or businesses, the more
incentive there will be for companies to
continue investing in and growing the solar
sector. The less money people are pouring into
harmful energy like oil and coal, the more those
industries will have to change their workflows
to better accommodate people's eco-friendly
tastes.
Bottom line, when you invest in
solar, you invest in more environmentally
friendly jobs.
Government Incentives
You'd think that the cash and environmental savings that you enjoy with solar would be enough to get people to buy-in. Apparently, the government does not think so.
Many federal and state programs aim to further incentivize businesses and households to start investing in clean energy by providing tax savings to people that take the leap. You can learn more about programs that you may qualify for on Energy.gov today.
To ensure that you're able to claim all the benefits that you qualify for, work closely with your accountant when installing solar panels. Make sure that all important paperwork is retained in case an IRS audit aims to confirm your energy claims.
You'll Set a Great Example for Everyone Under Your Roof
Think about what sort of impact you'll have on your kids when you tell them that everything in your house is powered by the sun. What will they say? What questions will they ask?
Relying on solar power is a powerful way to introduce your family to important sustainability principals. That introduction may positively affect everyone's life forever.
Furthermore, if you're a business owner, don't you think that your employees would take pride in working for a green company? We think that they would!
Powering your business with solar is a badge of honor to wear that you can share with your team and your customers!
Does Solar Make Sense For Your Area?
Now that you understand some of the key reasons why most people would answer "yes" to the question "Are solar panels worth it?" let's quickly explore a few personal considerations that you'll want to keep in mind before switching to solar energy.
HOA Considerations
If your home is ruled by a home owner's association, you'll need to check with your community's charter before installing solar panels. If solar is explicitly prohibited, you won't have too much recourse beyond appealing to have your charter changed.
Cost of Electricity
Solar panel's ability to save you money relies heavily on the prevailing cost of electricity in your area. Be sure to understand what your price per kilowatt is and how what you're paying stacks up against other major cities.
As a rule of thumb, the more you pay for energy, the more worth it solar panels are.
Sunlight Exposure
We've touched on this already in this article, but just as a reminder, the amount of sunlight your area gets will have an impact on your solar investment's ability to yield profits.
Solar energy companies in your area should be able to give accurate estimates on what panels tend to produce for owners in your community.
Wrapping Up Are Solar Panels Worth It?
We hope that by now we've answered your "Are solar panels worth it?" questions.
In almost all cases, solar panels are indeed worth it. They can represent tens of thousands of dollars in savings if you take the leap and install them today!
For more tips on how to live a green, cost-friendly lifestyle, check out more of our eco-content today!