Are solar panels worth the expense? Expense Vs. Savings
Updated: Jul 29, 2021
While monthly utility savings remain one of the major reasons why homeowners consider installation, you still need to ask, "Are solar panels worth it?" before you make the investment. The answer to this question involves more than simple mathematics. The financial benefits of going solar may be immediately apparent on every electric bill, but that does not tell the whole story of why you should contact the best solar panel company in your area, Steve Whitman Roofing and Solar, for a consultation today.
Do You Really Save Money With Solar Panels?
Yes. With installation and panel costs more affordable than ever and the impressive tax incentives and financing options available, you should see savings on your net electric bills rather quickly. They do not magically eliminate all utility bills. In New Jersey, the average payback period for your investment is between three and five years. During that time, however, your monthly bills will be much more manageable.
How much do solar panels save? The answer to this question is difficult to pin down. Many factors go into the financial benefits of going solar. Some of these include:
• How many solar panels you have installed.
• The size and position of your house.
• How much sun you get over a period of time.
• The general cost of electric utility prices in your area.
Solar Is One of the Best Ways to Increase Home Value
In New Jersey, the return on a solar panel investment pays off big time when it comes to resale property value. In fact, the state sees the highest returns of up to a 10% increase in final sale price. When you look at property prices in this state, that is a considerable chunk of money.
While reduced monthly bills offer everyday savings on your budget, the financial benefits of going solar look to the long-term for maximum effect. As interest in more environmentally friendly alternative energy sources increases, the property value benefits of solar panel installation may only increase. This means you will get more for your property than the average market value for your location, acreage, and home design.
Solar panels can also increase the chance of a quick sale. People with Earth-friendly attitudes may seek out your property specifically. Also, homebuyers will find the automatic lower utility costs quite attractive when choosing their next house.
Installation of Solar Panels Support a Green Lifestyle
Not every benefit of adding solar power to your home focuses on finances. If you and your family are ethically interested in living a more sustainable lifestyle and decreasing your carbon footprint, the installation of rooftop panels supports that. Answering the question, "Are solar panels worth it?" depends for many on answers beyond simple finances. When you combine the peace of mind of alternative energy usage with the inherent savings on your bills and increase in the property value, the question of whether to make a call to the best solar panel company, Steve Whitman Roofing and Solar, becomes easy to answer. Yes.
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