Are Solar Panels For Your Home Worth It?

Electricity costs are rising every year, and people are trying to find ways to save money that they can use for the future. One option they are looking at is putting up solar panels in their homes, which promises cheaper electric bills.

For decades, it has not been easy switching from traditional electricity sources to a greener option, like solar energy, because of installation costs. But the situation has dramatically changed because it has never been lower in recent years, making installation more possible and the potential return on investment higher.

Before you make any decisions about using solar panels, check and assess first yourself and your home if you are ready to transition into using renewable energy. Here are the three easy steps to follow to know if solar panels are worth it for your home.

Check Your Electric Bill

Before fully deciding whether to get solar panels for your home, Nerd Wallet suggests reviewing your electric bill. Solar panels can help generate enough power that can offset your monthly electricity bill or eliminate it. The higher your electric bill, the more likely you are to benefit from switching traditional to solar power.

But also take note that the main charges on your electric bill could vary on energy consumption charges, which means that the amount of savings can also vary. Not to mention the location of your house because the location largely affects electricity rates. In the US, the national average is about 13 per kilowatt/hour in 2019 according to the data from the Energy Information Administration.

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Assess if Solar Panels Are Worth It in Your Homes

After reviewing your electric bill, ask yourself if opting for solar power is the best option for you. You can consult a professional solar panel installer and get your personalized solar energy assessment; some companies may offer that service for free.

The assessment will help you know if your home is right for a solar panel, according to Futurism. It will tell you if the location of your home gets enough direct sunlight or perhaps government regulations and energy rates in your area make investing in solar panels unprofitable.

But since installation for solar panels has dropped a whopping 70% in the last decade, investing in solar panels might make more sense than not taking the risk.

Make the Decision to Install Solar Panels

When you are done doing the first two steps, wherein you find investing in solar panels will be worth it, then make the call and install them on your homes. It might be the best decision for both the environment and your wallet. However, do not expect that your electric bill will be eliminated overnight.

If you decide to have them, try to shop around and look for incentives. Remember that it is not necessary to buy solar panels because you can also lease them, which offers a lower upfront cost. However, leasing solar panels will not raise your home's value, and you may not be eligible for incentives.