Solar panels are marketed as money-saving, and to determine if that is the case for you, there are some factors to go over and think about for your home and family. If you are wondering are solar panels a good investment, here is a look at important things to consider and reported benefits before making the purchase.
Cost
Any investment, and even those that may save money over time, often have upfront costs or fees to factor into a final decision. When it comes to determining is solar worth it, the size of your home, the number of residents, and the time you plan to stay in the house will impact the cost. It is suggested to research the equipment’s price points and consider that the higher quality equipment should yield better results. There are also some solar rebates and deals in areas that can help with the costs that some may find to be a deal breaker or what makes them determine that solar panels are not worth it for them. There are options to lease solar panels, which may work if you are not in your forever home. The cost can be worked around a bit when it comes to forming a conclusion on are solar panels are a good investment.
The payback period for solar panels is around 6 to 10 years. That is how long solar panels take to pay for themselves on average. That time can be decreased or lengthened based on certain things. Factors that impact the payback period include the cost of the system, tax credits or rebates, and energy production.
Disadvantages
The 2 main disadvantages of solar panels are weather and storage. Let’s explore both of those. The sun does not need to be shining brightly to use solar panels, but on cloudy, snowy, or days when it rains a lot, that impacts the solar system’s effectiveness. At night, solar energy cannot be collected at all. When it comes to solar energy, it has to be used immediately. In cases where that is not doable, solar energy can be stored in large batteries. This helps so that you can have energy at night, but that can possibly be expensive.
Home Value
When it comes to the value of a home, are solar panels worth it? Yes, they add value to your home and may increase profits if the home is resold. All new homes built in California since 2020 have required solar panels. Markets like the one in Colorado emphasize solar panels for more profits when selling a home. Solar panels might be a big drawing point for homes because energy savings mean a better value. Zillow has reported that solar panels increase home sales by 4% or more.
Here is something else to take into account when looking at what might make solar panels a good investment and if you live in or plan to purchase a Brock Built Home in Georgia. Georgia residents can expect an increase in customer bills through Georgia Power by 12% over the next 3 years. The reason is to cover enhancements for their system and higher costs and allow for higher profits. So, are solar panels worth it? When determining the best route to take for utilities now and long-term, more information such as this on solar panels helps homeowners weigh all options and do what is ideal for them.