Is It Worth Installing Solar Panels 2014

With the 26 federal tax credit reducing at the end of 2020 millions of american homeowners are asking themselves whether or not installing solar panels is worth it this year.

Is it worth installing solar panels 2014.

One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in place. So it does add up. When you buy a solar panel system each will be rated to a certain number of certificates and each is worth a certain amount mr barnes explained.

Generally solar panels create enough energy to power your whole house. How much does the solar panel system cost. Installation prices will vary significantly depending on the solar company you choose and the equipment you install. The answer depends on many factors including where you live how much roof space you have if your roof is shaded how much power you use what your local utility charges you for electricity and the prices offered by.

The government is effectively contributing nearly 1 3 of the price of your going solar. That s a pretty good deal courtesy of uncle sam. Even with these credits though they can still be out of the budget for some folks. The question that s still on many homeowners minds is.

However what makes solar panels worth it are the robust federal and state incentives. That means homeowners but not renters can subtract the credit from the federal income taxes they owe in effect reducing the price of their solar purchase by nearly one third. It s true that there are subsidies and tax credits out there designed to offset the cost. Let s imagine you spend 15 000 to install a solar panel system and are eligible for a 26 federal tax credit on that.

But it s not a straight calculation. If a homeowner paid 18 000 for solar those panels don t necessarily add 18 000 to the resale. Are solar panels really worth it. While cheap solar panels might feel like the easiest way to save some cash your total 20 year savings will often be higher if you invest in high quality equipment.

The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation. I was in an appointment recently where i explained how solar works and showed them how it would save them money vs not going solar and continue to pay the utility company. The cost of installing solar panels is very high.