Do solar panels really pay off? When we first look into going solar then it is very common to ask ourselves that is solar really worth it. So we are here because we understand that it is a significant financial investment to go solar and we are here to help you and to make the right decision for you and your loved ones.
There is often a location that specified programs and determines some of the home solar panels’ financial benefits.
Do solar panels really pay off?
We are going to tell you that why solar panels pay off in a big way no matter where you are and where you live. Here we give you some top reasons that why solar panels have a positive impact on your pocket
Get a predictable electricity bill
Are you one of them who feel like your electricity bills get higher and higher every month? Then it is not just you, as electricity costs have risen by 16% over the past few years and this is the trend that likely to be continued.
All this depends on some major factors like extensive repairs to grid infrastructure, high energy costs, and cranking up the AC or the heat due to increasing extreme weather all these are contributing to higher electric bills. But some factors can lower your electric bill when you go solar like overall electricity consumption, solar panel size, hours of sunlight, and the size and angle of your roof where you have installed your panels.
In addition to this, if you are living in a region where there are high electricity rates like the Northeast and the West Coast part then you stand to save even more money when you install solar panels. There is a number of solar plans that offer you rates that are lower than what you are currently paying.
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For states with TOU [Time- of -Use] rates, if you are going solar with a home battery that allows you to run your appliances only when you want or not when electric companies tell you to.
Time- of- Use rates are electricity rates that are set by your local utility and it can vary that depends on the time of the day. TOU rates make electricity more expensive during high peak hours or when the demand for electricity is high like in the evening when most people at their homes and using the electric light.
In that case, solar-powered batteries can help to curtail the electricity rates. You can store excess energy in your home battery and you can also use it when you need it the most. With a help of a rechargeable home solar and battery system, you can also avoid the high rates under the TOU rates structure while optimizing your energy savings.
Earn electricity credits by net metering
Home solar panels do not only offer your more predictable electric bills but you can also be eligible to receive credits by Net Energy Metering [NEM], how many credits you receive depends on the place where you are living. NEM customers can generate their electricity by using solar panels and can sell the excess electricity generated back to the power grid.
Advantage of state and federal incentives
There are several people who choose to get solar panels and batteries through third-party ownership, by this you also can get the benefits of the system for minimum monthly rates, on the other hand, some choose to buy their systems outright.
The benefits depend on the place where you live and you can also cover a substantial portion of the cost of your solar PV system and you can even pay it back in a short amount of time thanks to federal investment tax credit [ITC], state tax credits and some cash rebates.
You have one other option that you can visit the Database of State Incentives for Renewable & Efficiency [DSRE] to find out your tax credits and rebates that are also available in your local area. In case you are thinking about purchasing home solar panels and a solar battery then you should do it soon. The tax credit cut you cost of a solar installation that includes a solar battery purchase. But you should keep in mind that the tax credit is scheduled to drop to 22% by 2023 and the tax credit is liked to be phased out after 2023, so it is the perfect time to go solar.
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Do you really save money with solar panels?
If you are living in an area that has a lot of sun exposure and your power grid provider will connect your solar panels to the power grid and credit your account for the energy you produce by solar panels then you are able to save a considerable amount of money over a long term by converting to solar.
In addition to this, it will also insulate yourself against the increasing electrical cost and you can also receive credit from the power provider for any unused energy that is produced by your solar panel. The expense of home solar panels has dropped dramatically in recent years by more than 60 % in just the last decade. The cost of home solar batteries has dropped as well in the last few years.
The price of a rooftop solar panel and a battery is likely to be recouped in your home’s resale price. Studies have proven that homeowners will pay a premium for a solar home. As we all know that sunlight costs nothing and solar energy is abundant, renewable, and reliable and it is one of the best and brilliant natural resources. By contrast, there are some fossil fuels like coal and natural gas that can not be replaced and their costs are at the peak of market forces often beyond our control.
Are solar panels a ripoff?
As we have learned above that using a solar panel is one of the best ways to curtail your household’s electricity bill. There is now a number of solar systems that are installed across the world and it is also a great investment that will significantly reduce your electric bill.
But not everyone solar installer follows the rules which mean that there are some tricks, they use like scams and solar panel rip-offs that have some people that are thinking that solar panel is still a joke.
Cheap quotes on quality systems
The solar industry is troubled by dodgy operators who are leaving their customers with faulty systems that cost thousands of dollars to fix. When we consider faulty systems then we are not talking about a solar panel that is under-performing but it is worse than you would imagine. Some installers hide behind big brand names like LG Solar, etc.
They will also offer you a discount on the average price but they will then claw the money back by cutting corners.
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Avoid a dodgy install
There is also developing pressure for the CEC to clean up these dodgy installers in the industry but for now, it is buyer beware. Although the good news, it has never been easier to find a reputable solar installer. Manufacturers are also partnering with the industry’s top solar installers and recognizing the best with their awards.
You should take the time to research the top and best solar installer and the products if you are going to install solar panels on your roof because by doing this you can save thousands of dollars but not to mention the time and stress of having to deal with a solar installer that would not help you if in case something goes wrong.
Careful of salesmen
From the past few years, I think everybody has come to see the same tactics that are used over and over again. This is also one of the biggest issues that the salesman will be on a commission and so they may be more likely to say anything to get a sale.
We suggest is that you should never sign a contract without taking your time to do proper research before hiring any solar installer.
If you want to get the maximum performance from your solar panel then you must go for an inverter that should be matched to the size of the solar panel, if you do this then you would need to replace the inverter you want to expand your solar system.
The upgradable solar systems are those that use micro inverters where each panel is independent of the rest. In case your solar system does not include microinverters then you need to careful when purchasing an upgradable solar system and this entails installing a larger inverter than what you would need. You can also add more panels to your solar system at some stage in the future.
What are the 2 main disadvantages to solar energy?
If you are going to install a solar system in your house then you must know about some major disadvantages. Solar power having the highest initial costs of any other renewable energy source then you would think it would be pretty good. But in practicality, solar panels have low efficiency.
Now we are going to discuss some major disadvantages of solar energy-
Location and sunlight availability
Latitude is the major factor that determines the efficacy of solar energy, as not all locations get an equal amount of annual sunlight so the efficacy of solar power drops dramatically if you get farther from the equator.
It means that residents in places like Russia and Canada are at a solar disadvantage. But in places like Hawaii where they mean, 277 days per year of rains and clouds and their location is also near to the equator which is also irrelevant because they do not have enough unclouded sunlight reaching the ground.
There is also another drawback of solar energy, that it relies totally on on the sun and electricity can not be generated during the night by using solar energy and you either need to store excess energy made during the daytime or can connect to another alternate power source like local utility grid.
This means that you will have to pay more money on top of the cost of the solar panels. Storms and clouds are also restricted the amount of energy that you can produce by blocking light rays that would have been absorbed by the solar panel.