In decades past, the installation of solar panels was thought of as something only the wealthy could afford to do. Those days are long gone now. In fact, the cost of solar panels has dropped 70 percent since 2014.
The prospect of installing solar panels is now a reality for most homeowners throughout America. Even though the cost is much lower now. You might still be worried about solar panel ROI, or return on investment. Read on to learn how to figure out how much you can save!
Your Energy Usage
There are many things that need to be considered. When you’re trying to calculate your return on investment. The first thing you want to think about is how much energy your home uses.
If you have a tiny home that doesn’t use much electricity, then you may not see a huge return, and it will probably take longer for that return to show. People whose homes utilize more electricity will likely see a larger reduction in their electricity bills. On the other hand, if you have a much larger house that uses a lot of energy, then you’ll have to install more panels to reduce your bills.
The Number of Panels You Install
The number of panels you install is also an important factor in calculating your solar savings. The more panels you install, the bigger your initial investment. You’ll want to make sure to factor in your energy usage when deciding how many panels to install.
Companies like https://blueravensolar.com/utah/orem/ can help you decide how many you’ll need based on your current energy usage.
With the prospect of major issues due to climate change on the horizon, many state and local governments are offering incentives to their residents to install solar panels. There may even be federal tax credits available to help subsidize the overall cost of installation.
While these may not save you money up front, they will definitely give you a break when tax season comes around.
Your Future Plans
When it comes to solar panel ROI, the longer you plan to be in your home, the better your savings. Solar panels have a big cost up-front, which means it might be years before you’ll really see significant savings on your electric bill.
People who don’t expect to stay in place for more than a couple of years should think about how much installation will cost and their impact on your home’s value. If you’re planning to stay in your home for the long haul, then they’re a much better investment.
Are You Worried About Solar Panel ROI?
There’s no hard and fast way to determine what your solar panel ROI will be. It depends on a number of factors, including the number of panels you install, where you install them, and how much energy you use. If you want to boost your return, speak with your installation company to help optimize your purchase.
Being a homeowner is a tough gig, especially when you want to minimize your home’s carbon footprint. Solar panels are just one way you can reduce your impact on climate change. Check out the rest of our blog for tons of great ways to make your home more eco-conscious.
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