Is Solar Worth It?
More than 2 million homeowners have gone solar in the United States, and the number is expected to rise to 3 million installations in 2021. By 2024, 2.5 percent of all U.S. homes will have a solar installation. That’s a lot!
But why? What caused 2 million people to go for solar? SAVINGS! In addition to savings, it helps you generate clean energy, reduce your carbon footprint and keep your family secure for 30+ years. While those are amazing benefits of solar, most homeowners like the financial benefits solar offers best.
Saving From Electricity Bills:
Savings is usually the number one reason why people invest in solar. By installing solar panels, you can save thousands per year on electricity bills.
With solar, you can reduce or eliminate your monthly electric bills. As utility rates rise, your cost of energy won’t. Homeowners will spend more every year to heat, light, and run their homes, but with solar, you get flat predictable monthly payments.
How does it work? Instead of paying the utility for all of the energy you use, you will get most of the energy for your home from your solar panels. Paying off your solar system each month this way, you will really see your savings climb. Over the next 25 years, that would add up to tens of thousands of dollars in savings.
Tip: If your goal is savings, there may be an optimal system size that will give you the best return on your investment. This is often different than if your goal is eliminating your electric utility bill. What do we mean? Because of how utility rate structures work, sometimes the return on investment is reduced as the system size is increased to offset 100% or more of your electricity usage. We can help you design the best system to maximize your savings on your home and your family’s energy usage.
A Good Home Investment :
What other home improvements project returns your investment and keeps paying you back for decades more? Can you name any?
Installing solar panels in your home is considered one of the best investments with an ROI as high as 14%.
If you qualify, there are incentives available to help you pay for your system, including a 26% Federal Tax Credit, a $1,000 Arizona tax credit, and some additional rebates.
After the initial investment, solar panel maintenance is very little. Warranties on critical components, such as solar panels and inverters, are available that offer coverage for as much as 25 years. Just regular cleaning and monitoring will help you achieve a life of solar panels for more than 25 years. So after your setup is complete, you don’t need to spend a lot of money beyond your initial investment.
Increased Home Value:
Adding solar to your home can increase the value of your home. Simply put, a home with solar is more affordable to live in than one without and your family will be more comfortable too.
By the reports of the National Renewable Energy Laboratory, homes with solar panels sell 20% faster, and Solar homes sell for 4% more, according to Zillow.
So are solar panels worth it? For the thousands of homeowners we’ve helped go solar – it is! But each home and homeowner is different. Let us help you determine if solar makes sense for you. Give us a call at 480-536-8700 or download our Homeowner’s Guide to Solar.