Is Solar Panels Worth Getting

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 solar panels worth getting.

An average sized residential solar system about 400 square feet of solar panels costs 18 000 according to the solar energy industries association an industry group. The tax break reduces. The government is effectively contributing nearly 1 3 of the price of your going solar. The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation.

But it s not a straight calculation. 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. While it is up to each of us to decide the best way to spend our hard earned money residential solar panels compare very favourably to other traditional forms of investment. Should i still get solar panels.

With a solar payback period of between 4 10 years this represents a simple investment return of between 10 25. While solar leases and power purchase. And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. If you submitted an application for the scheme before 31 march 2017 you ll still get paid for generating electricity for the full 20 years.

Panels that are owned add some value to the resale. If a homeowner paid 18 000 for solar those panels don t necessarily add 18 000 to the resale. Depending on the cost of installing solar panels it may no longer be worth it if you re thinking of getting them. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value.

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. However what makes solar panels worth it are the robust federal and state incentives. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.