23 Oct Can Solar Energy Really Save Money?
As energy costs continue to rise, it’s not surprising that many home and business owners are looking to solar as a viable option for power. However, despite a decrease in costs to install solar in recent years, many people still wonder if switching to solar will really save them money. The answer to that question is that it depends on a lot of factors.
Solar power is becoming a popular source for energy in commercial and residential sectors as it helps to reduce emissions, while also reducing utility bills. However, for people looking to invest in a solar panel system, it’s important to keep in mind that a lot of factors go into determining how well solar will work for various users. Also, depending on where you live, a system may not be as effective as you think it is.
It may be a no-brainer, but solar panels require sunlight to produce energy. If you live in an area of the world that experiences fewer daylight hours or often has overcast weather, there’s a chance that solar panels won’t significantly save you money. Other factors, like the direction and pitch of your roof, can also have an impact on how much electricity your panels might produce. Additionally, other obstructions, like tall trees or neighbors with a towering home, can significantly impact how much sun your panels get.
If you have a lot of money and are just concerned about the environment, you may feel comfortable purchasing a solar system without regard to cost. However, if you are on a budget and want to get the most bang for your buck, it’s crucial that you determine whether or not the savings you will incur will justify purchasing a system. Installing an average 5-kilowatt system on your house can cost between $15,000 to $25,000. While there are many government and tax incentives that can bring that price down, you’ll want to make sure that what you save from having the system will compensate for what you will spend to get it installed.
If you live in an ideal location for solar panels, it may be worth going solar. Depending on the type of system you install, you could cover all your electrical costs, which could save you hundreds or thousands of dollars a year depending on how much electricity you use. Since most high-quality solar panel systems last nearly 20 years, the investment could save you lots of money in the long term.
As you look at your options regarding solar power, you should consider talking with a solar consultant. They can help determine what kind of system your home would require, while also letting you know the potential cost benefits you could experience.