Is a solar panel installation worth the investment? Many property owners would say yes! There are several benefits offered by a solar panel investment, some of which might surprise you.
If you’re thinking about going solar anytime in the future, you might note some of those advantages here. Then, discuss your property’s power needs and your budget with a solar panel installation contractor. They can inspect your property as needed and note if solar is the right choice.
First note how solar power works for residential homes. Second, remember that regulations and programs vary according to your area and local utility provider.
Solar panel installations work by creating an electrical current from sunlight. Next, an inverter changes that current into usable electricity, compatible with household appliances. Lastly, either solar batteries store that power for your home’s use or it travels over wires to your local utility company.
Not many homes use solar batteries, as these are expensive and cumbersome to store. Also, they can run out of power just like standard household batteries. Moreover, some areas require that you keep your home connected to the local utility company.
In these cases, your solar installation might work with net metering. Your home remains powered by the local utility company. However, you get a credit on your bill for energy created by your solar panels. As a result, you don’t run out of power and don’t need to worry about storing and using solar batteries.
There are many reasons to choose solar panel installation for your home! Consider just a few of them here so you know if solar is right for your property.
Lowered utility costs are probably one of the most common reasons for investing in solar panels. However, many homeowners wonder how much they can expect to save over the years. Note that these savings depend on how many panels you purchase and their overall quality. Also, since solar panels need sunlight to work, your area’s weather conditions also affect their production.
On average, homeowners might expect to save around $1500 per year on their electrical costs. While that might not sound like a lot, consider how much this saves you long-term. In ten years, that’s $15,000 that you would otherwise pay to a utility company!
Since electricity itself doesn’t produce fumes or emissions, why choose solar to reduce pollutants? The short answer is that power plants making electricity typically produce tons of emissions every year! According to the Environmental Protection Agency (EPA), power plants emit mercury, acid gases, and other toxic metals.
In turn, the more power produced by solar energy, the less emissions released into the atmosphere every year. You can then lower your personal “carbon footprint” by investing in solar. Additionally, you might encourage neighbors to do the same, for even more pollutant reduction.
According to a 2019 article on Zillow, solar panel installation can increase property values by some 4% or more. That translates into another $4000 for every $100,000 your home is worth.
Also, note that higher property values allow you to build equity in the home faster. You might also be able to obtain more valuable home equity loans and lines of credit. This property value increase also helps to offset the cost of solar panel installation.
There are other benefits of going solar for your home and even your business. One, solar panels protect roofing materials against storm damage! Two, solar installation creates reliable, local jobs in your area.
Also, solar panels absorbing sunlight can keep your home cooler. Along with solar power production, this can also translate to lower utility costs during summer months.
Homeowners might spend around $13,000 on average for a solar panel installation. Consequently, that installation might begin paying for itself after about eight and a half years.
With that in mind, remember that these are just average numbers! Some installations might pay for themselves in just a few years. On the other hand, larger installations might need 12 or 13 years before they reach a breakeven point.
If you’re curious about a breakeven point for your property, talk to a solar panel installation contractor. He or she can inspect your home, take measurements, and review your energy consumption. Next, they can typically recommend the best system for your property, for a shorter breakeven time period.
Solar panels don’t typically break down or otherwise stop working without warning. Also, these panels have no moving parts so they don’t “seize up,” as might happen with some appliances in your home.
Instead, sunlight and weather exposure, age, and other factors wear away solar wiring and other parts. In turn, those panels lose their efficiency over time, usually at about 0.5% to 1% annually. What does this mean?
Simply put, your solar panels work about 0.5% to 1% less effectively every year. In turn, they’re usually about 5% to 10% less effective after 10 years, and 10% to 20% less effective after 20 years. So, the panels still collect sunlight and create energy as they get older, but simply not as much as they did when new.
Consequently, many homeowners find it effective to replace their panels after 25 or 30 years. In that time, they’ve reached their breakeven point and have put money back into their pocket from using those panels. Also, investing in new panels means producing more solar power than you would with those older panels.
Go Solar New Jersey is happy to discuss the question of whether or not solar installation is worth the investment. Hopefully, we’ve given you much to think about! If you’re curious about solar for your property, call our New Jersey solar panel installation contractors. We’ll schedule a FREE consultation and prepare a price quote for your property. To find out more, use our simple contact form or just give us a call.