The cost effectiveness of solar panels depends on several key factors. So, before you make the decision to install the panels, it is highly recommended that you learn how your location, electric bill, incentives, and other factors can impact your solar panel’s cost effectiveness over time.
Here are 4 factors that can help determine if solar panels will be cost effective for you:
1. Your Electric Bill
Solar panels have the capacity to offset your monthly electric bill greatly, if not entirely. So, the higher your monthly electric bill the more cost-effective the solar panels will be for you. However, you should keep in mind that electricity usage and rates are volatile. Not to mention your location is likely to affect electricity rate as well.
2. Your Sunlight Exposure
Solar panels perform optimally and prove to be cost effective when they have more sunlight exposure. Certain states, like California and Arizona, average more sunlight hours per day. Your roof type, the amount of shade, as well as the orientation of your home toward the sun will all affect your solar panel’s output. You can use the Solar-Estimate calculator to estimate the efficiency of panels in your area.
3. Residential Solar Panel Cost
Solar panels are quite expensive. However, you can make up for the upfront costs with minimal long-term expenses. When calculating the total cost of the panels, consider how much energy you consume on regular basis and then determine what size system will generate the amount required. After that, you can comparison shop for solar panels. If you install the right solar system for your energy consumption needs, you will find it to be quite cost effective. You can even save on solar panel cost by buying from a company that offers lower installation costs via rebates as well as other programs.
The government offers homeowners great incentives for installing solar panels as an alternate energy source. You can claim up to 30% of the installation costs of the panels placed in service before the end of the year. Additional credits vary depending on the location. If the solar ranking in your state is high, you may receive additional incentives like expedited permits, waived fees, property tax exemption, and cash back. These will surely make the solar panels cost effective for you.
Make the Call
If you live in an area with a suitable solar rating and high energy rates and can afford the initial investment, then solar panel installation in your home will be highly cost effective for you, especially if the 30% tax break in is in place. However, don’t expect them to eliminate your energy bill overnight.
If you decide to install solar panels in your home, then it is recommended that you shop around and look for incentives. You should also know that you don’t have to purchase solar panels – you can lease them as well. This option is great as it offers a lower upfront cost, however since you don’t own the solar panels, you may not be eligible for incentives and the panels won’t increase the value of your home.
Premier Solar Cleaning, LLC is a veteran owned and operated solar panel cleaning company. We provide Commercial Solar Cleaning, Efficiency Checks, and Repair Consultations; as well as Residential Solar Cleaning. Serving all of Southern California with phenomenal solar cleaning that saves you money, we have rapidly become an authority on solar panel cleaning, maintenance, and efficiency. To protect your investment, we use high-quality products that are specifically designed for safely cleaning solar panels. No corrosive chemicals, only the purest reverse osmosis deionized water. We offer one-time cleaning and monthly maintenance programs are available. Call us today at (951) 465-3117.