If you’re wondering, “Are solar panels worth it?” You’re not alone. More and more consumers are interested in the financial benefits of solar energy for their homes, businesses, etc.
Answering this question means assessing the upsides and downsides using the right tool. Fortunately for you, this solar cost estimator can help answer your financial questions about solar energy costs. Read our quick and easy guide to learn more.
Think About Your Electric Bill
Your home location might greatly impact your electricity bill. Depending on where you live in the country, you’ll likely find that your bills increase significantly during certain seasons. High bills come from warmer and colder months, but solar can cut those costs year-round.
What are your highest months for paying energy bills? Add up these highest months over a period of seven to twelve years to estimate the potential cost you would experience without solar panels on your home.
What’s Your Sun Exposure?
Another big impact on your electricity rates depends on where the sun hits your home. Sun exposure is stronger with eastern and western facing windows and walls. Good architects often build with this in mind, but this doesn’t stop the sun from shining.
Of course, not every home is built with sun exposure in mind. And a good solar cost estimator can potentially cut the costs of even the brightest sunshine on your walls, roof, and windows.
Check Out Incentives
Depending on where you live, you can find big state and federal incentives to cut the cost of solar. On a federal level, the residential tax credits are over 25% until the end of 2022. Afterward, these credits drop and expire by 2024.
Tax credits are great for reducing the overall amount you owe. As the price of solar drops, these incentives will drop, too. The sooner you invest in solar energy, the sooner you’ll benefit.
How Much Do Solar Panels Cost?
If you’re still wondering about the financial benefits of solar panels, you should read this great blog post from Blue Raven Solar: blueravensolar.com/blog/are-solar-panels-worth-it/. You’ll get a great breakdown of solar panel costs (and why they’re ultimately worth investing in). A good solar cost estimator can help you see your return on investment.
Ultimately, investing in solar is about the long-term payback—both financial and environmental. Currently, solar payback periods range from seven to twelve years overall, based on the cost of living in your area. On average, you can expect to break even within eight ears and save around $1,400 a year on energy costs.
Finding a Reliable Solar Cost Estimator
Using a solar cost estimator is only the beginning. Once you have considered all the essentials about your sun exposure, average electricity bill, and tax incentives, it’s time to shop around. Finding a good solar company depends on your specific needs.
Check out the rest of our content for other valuable information to improve your home. You’ll find plenty of resources to support your plans.