Is Solar Worth It?

Is Solar Worth It?

Installing a solar power system in your home is a significant investment. Depending on the state where you live, the average cost of installing a 5kW solar panel system can cost a homeowner anywhere from $11,000 to $15,000 after tax credit. For houses that need 10kW solar panels, the average cost could go up to more than $25,000 after tax credit, with the price already reflecting the 30 percent tax credit the government gives to homeowners who convert to solar energy.

Many people convert to solar power because there are some inherent advantages to doing so. Using solar power is good for the environment, and it has become increasingly more affordable than it was a few years ago. Solar energy also gives homeowners a degree of freedom from the power company, especially if they will have a solar system that provides all their electrical needs.

While the advantages of converting to solar power are important, the main factor homeowners consider when deciding to switch to solar is the return-on-investment (ROI). They also consider the payback period, which is the amount of time it will take for the system to pay for itself. Once homeowners have done some research, they must then ask themselves: Is it worth it to install solar panels?

Solar costs continue to decrease, making solar more affordable than ever before for homeowners looking to buy a system. New financing options are also available since more capital is moving into the solar power industry. Over the last decade, the cost of solar power installation on homes has dropped as much as 60 percent.

However, this does not mean that solar panels make financial sense for everybody. A homeowner should also consider the cost of electricity in his or her area. People who are fortunate to live in regions with cheap electricity will have little incentive to switch to solar power because it will take them many years to recoup their investment. If the cost of electricity in your area is cheap, the biggest reason for making the change would be a dedication to improving the environment by reducing your carbon footprint.

Solar Engineering Group’s SunFacts report provides a detailed and comprehensive survey of your home indicating the potential for your solar investment. Your personalized report is prepared by the group’s highly-trained engineers to give you the upper hand in deciding whether a solar panel system makes sense for you. The company isn’t associated with any solar panel manufacturers or installation services, so you can trust that they will provide honest feedback, enabling you to make the most educated decision possible.