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Cost of the solar panel system: 4 reasons why it is worth investing
Many California homeowners are interested in producing solar power, but the cost of the solar panel system is keeping them on their toes. It is true that solar panels come at a high price, but is solar an investment that will ultimately pay off? We believe the answer is yes. Solar panels can provide financial savings in the long run, and their value goes much further than nickel and dimes. Solar panels can also help you support great careers in your community and fight the devastating effects of climate change. Let's look at all of the ways solar panels can add value to your bank account, community, and planet. But first, here's a quick rundown of the costs associated with solar panels.
Why are solar panels worth the value?
There are leasing options, but if you want to own your solar panels you have to pay out of your pocket, take out a loan, or find some other financing option.
While the cost of today's solar panel system may seem high, what you are actually getting is an incredible deal! The cost of solar power systems has decreased by 60% in the last ten years, while the efficiency has increased dramatically. That means that today's solar panel systems work better than ever and cost less money!
Of course, this may not make you any better looking at a great price quote from a solar installer.
1 - Lower energy costs
The beauty of solar panels is that they effortlessly generate energy from an abundant and free resource - sunlight. Although you will have to pay the upfront cost of your solar panel system once the system is installed, you start saving every month.
Ideally, your solar panel system should produce most of the energy your home needs, which means your energy bills will be extremely low or nonexistent. California makes it even easier to save large sums of money because it offers net metering.
In short, if your solar panels produce more energy than your household needs (usually in the middle of the day when the sun is shining but fewer people are home), that excess energy goes back into the grid and you get a credit from the utility company. You can draw energy from the grid on cloudy days or at night when your solar modules cannot produce the energy you need. If you're the right size, your energy loans should largely clear the debt by the end of the year.
All in all, your solar panel system should ultimately pay for itself through energy savings and then offer you net value. Also note that energy prices always go up. This means that the savings that your solar system offers will increase over time as energy prices rise.
2 - Increased house value
A great way to think about the cost of the solar panel system is to not imagine money disappearing forever. Instead, you build up a large chunk of that money in your home.
Solar panels can add value to your home. That is money that you will get back if you decide to sell, or even money that you might be able to use when you refinance in the future. Remember that this added value for your home is on top of the energy savings that you will enjoy every month!
3 - State Incentives
Don't believe everything you've heard. Rumors about the elimination of government incentives for solar projects are greatly exaggerated. In fact, the federal government's biggest incentive has been extended by one year to 2020. This program allows you to deduct 30% of the full cost of installing your solar system from your tax bill. This means that if your solar panel system costs € 15,000, you can save € 4,500 on your tax bill. If your tax is less than the full amount of your allowance, you can even defer it until next year.
4 - protection of the environment
Let's take a step back and look at the value of solar panels outside of the financial realm. Yes, having an almost non-existent utility bill every month is great, but solar panels can provide value in much more powerful ways. For example, helping you save the planet…. at least a bit.
The Californians are already dealing with the effects of climate change. Our summers are getting hotter and the wildfire season has grown into a year-round event. We're still recovering from the devastating 2017-2018 wildfire season, even as flames rage across the state this summer, forcing Californians out of their homes and stealing lives far too soon.
Solar panels use the clean, abundant energy of the sun to generate electricity, and investing in solar panels can dramatically reduce your home's carbon footprint. Essentially, investing in solar panels is an investment in a clean, stable future for yourself, your family and all future generations.
Filed Under: News
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