Are Solar Panels Worth The Investment?

Written by: Michael Thomas
05/29/2019

solar

Solar Power has become increasingly popular over the past few years. This has primarily been driven by the fact that it’s a more environmentally-friendly approach to our energy needs. Beyond this, however, many people wonder if buying solar power equipment, or switching over to solar power in general, is worth the cost. After all, while many people won’t dispute the environmental benefits that it offers, sometimes people may worry about the financial implications of the switch.

Furthermore, as the technology is still relatively new, many people may not know what to look for when finding an energy supplier who specializes in the niche. There can also be a variety of different equipment options to choose from, which often makes the choice much more difficult. However, both of these areas have a few different things that you should look at. By doing so, you’ll be able to decide if switching to solar power is the right investment for you, as well as ensuring that you get the best deal for your needs.

How To Determine Whether Solar Power Is Worth It

If you’re thinking about switching to solar power, there are a few things that you should consider to determine whether or not it’s a great investment for you. This can be quite a significant financial decision, which is why it determines quite a considerable amount of time and research to figure out.

How Much Is Your Electricity Bill?

Your current energy bill is probably the most notable factor in determining whether or not it’s the right investment for you. Across the world, energy bills are typically charged for every kilowatt-hour (kWh) of electricity you use. However, this changes considerably depending on where you live, and can even be completely different from state to state. There can be a few different reasons behind this. Because of these variations, it might be difficult to determine whether you can benefit from solar power.

However, there is one notable way of doing so. Your most recent electricity bill should state how much you’re being charged for every kWh. You should be able to compare this with the average kWh price for solar energy in your area. By doing so, you’ll be able to work out how much money you’ll be able to save at during a certain period. This will be one of the more important aspects of figuring out whether it’s a worthwhile investment for you.

How Much Does The Solar Panel System Cost?

The cost of the solar power system will be another important aspect of the decision. Many of the systems will last a certain amount of time, which you should be able to determine roughly by looking at its warranty. This will give you somewhat of a rough idea for how often you might need to replace the equipment. For example, if a piece of equipment lasts 20 years without much maintenance or repairs, you’ll be able to determine how much money you’ll be able to save during those two decades.

You should then be able to compare these savings to the cost of buying the equipment. Should you determine that it will be a profitable investment, then it might be the right choice for you. However, you should also factor in a certain amount of money for unexpected repairs or maintenance over that time.

How Are You Financing The Solar Power Purchase?

While there are a certain amount of people who can afford to purchase solar power equipment up-front, there are many of us who’ll need to determine how we’re going to pay for it. The first choice you’ll need to make is whether you’re going to buy or lease your equipment. While leasing is more affordable in the short-term, the cost can quickly add up. For those of us who choose to buy the equipment, this can often mean taking out a loan to do so.

The repayments that you’ll have are something that you’ll need to factor into your calculations. This is because they can quickly add up to a considerable cost, which can often eat away at any potential savings that you may have from switching to solar power. Because of that, you should factor these into whether or not it will be a sound long-term investment. This can also mean going to different financial institutions to find the best loan for you.

Tips For Switching To Solar Power

When it comes to switching to solar power, there are a few different things you should do before you buy. Because the purchase can often be a relatively large one, this means that you should put a significant amount of thought and effort into ensuring that you’re making the right decision for your home.

Shop Around

Like the majority of other large purchases, you’ll want to make sure that you’re getting a good deal with what you’re buying. This means that you’ll need to put a significant amount of time and effort into researching the intricacies of solar energy. The majority of this should be focused on solar companies in your area. This is primarily to ensure that they’re a reputable company who’ll be able to serve your needs. There’s also the fact that this will allow you to find the average price of switching to solar power in your area. This will allow you to make sure that you’re not paying more than you should be.

Cost will also be a significant part of the decision. This is primarily because the upfront fees that are associated with each company can change drastically. This will be determined by a variety of different things. However, the majority of solar power providers should have no problem offering a no-obligation free quote to potential customers. This will let you compared the prices of reputable installers in the area and choose the best one for you.

Compare Equipment Options

Very few people will realize just how many choices of solar equipment there are. Those that do may also believe that higher efficiency ratings often means that they’ll be the best investment, this isn’t always the case. This is primarily because there can be a variety of other factors at play, with how long-lasting the equipment is being one of the more notable. There’s also the issue of maintenance and other repairs that may need to be made. These can begin to add up quite quickly, and you may soon start seeing the potential savings from solar energy dissolve into the upkeep of your equipment.

Because of that, you’ll need to find a sweet spot between energy efficiency and how durable the equipment is. This may be a decision that can be somewhat personal to many people; some may want a significant amount of short-term savings, while others would prefer the long-term approach. That being said, it’s something that you’ll still need to consider when purchasing the equipment.

By ensuring that you get the most appropriate deal for your needs, you’ll be ensuring that the cost of the equipment and other up-front costs are worth the investment. This can often be one of the larger aspects to think about when considering switching to solar power. After all, the costs can often be one of the defining aspects of whether or not we believe that an investment is worth it. We’ll also want to determine how long this investment will last to realize whether or not we’ll see a positive ROI. Like the majority of other large financial decisions, being informed about every aspect can often be the key to making a wise choice.


LIKE US ON FACEBOOK   

Related Posts


Are Solar Panels Worth The Investment?

Share Tweet