April 20, 2024


Friendly Interior

Are Solar Panels Worth It? What You Need to Know

Solar energy is the way of the future. The industrialized world is moving away from fossil fuels and towards green energy sources.

Americans are taking note of the many benefits of solar power. For this reason, nearly 50% of American homeowners are considering changing to solar power.

Homeowners are acknowledging that they can reduce their monthly utility bills. Also, they can have a positive impact on the environment by going green.

Some people are on the fence wondering are solar panels worth it? Read on to learn the benefits of solar panels. Explore topics such as the cost of solar panels and how to lower your monthly electricity bill below.

What Are the Upfront Costs?

Homeowners understand that solar energy saves money per month. The most common questions received are about the upfront investment costs. How much does it cost to buy solar panels and have them installed?

The answer varies depending on a number of different factors. These factors include the energy needs of your home and the size of your roof. Another variable is what state that you reside in.

In North Carolina, for example, the average cost for a 6kW system is roughly $14,000.

However, you can get a tax credit from the federal government. This tax credit can reduce your total investment costs by thousands.

Also, some companies provide incentives for converting to solar. For instance, blueravensolar.com/north-carolina/charlotte/ describes the company’s $0.60/watt rebate for residents of Charlotte. This type of rebate nearly doubles what is offered by the federal government.

What Are the Benefits of Solar Energy?

Perhaps the most meaningful benefit is that you are helping ensure a clean future for future generations. The use of fossil fuels like natural gas and oil is contributing to global warming. Solar panels do not emit carbon dioxide and fight back against rising global temperatures.

Many homeowners are motivated by monthly cost savings. Converting to solar is certain to reduce your electricity bill each month.

The monthly savings are significant. In warmer states, homeowners report that their electricity bills are 75% lower than before.

People who live further south achieve greater monthly savings. This is because they are able to harness the power of the sun for more time per year.

Another question on homeowners’ minds is when will they see a positive return on investment (ROI). Of course, ROI depends on many factors, but the average break-even point is seven years.

Homes with solar panels are attracting buyers as well. Consumers that are conscious about the environment are interested in homes with solar.

They also leverage off the upfront costs incurred by the seller. This way, they can take advantage of the monthly benefits without the upfront expense.

Are Solar Panels Worth It? A Recap

There are both qualitative and quantitative reasons to switch to solar energy. You can make your home more appealing to buyers and help combat climate change.

At the same time, you are making a good financial decision. Solar panels pay for themselves in roughly seven years.

If this article answered your question of are solar panels worth it, check out our blog for more great content.