Is Solar Power Really Worth the Investment?

Is Solar Power Worth It?

The question really is, does going solar make economic sense. Will solar panels really save you money?

Tax Credit Savings

One of the biggest advantages of installing residential solar panels is a federal tax credit on the total cost of a system. This translates into homeowners — but not renters — subtracting the credit from federal income taxes they owe. This, in effect, reduces the price of their solar purchase by nearly one-third!

The U.S. Congress authorized a 30% credit through 2019, but it went to 26% in 2020 and will drop again to 22% in 2021 and then disappear in 2022 without further legislative action. The credit could save the average homeowner $5,000 or more, depending on the size of the system, according to EnergySage, a solar marketplace with a calculator to help estimate savings.

Do Your Homework

Ask homeowners who have purchased the panels how well they are working. Inquire about benefits and drawbacks. How much money are they saving?

Get referrals from neighbors, co-workers and friends. Search the company on on-line review sites. The North American Board of Certified Energy Practitioners has a list of certified installers. What’s more, state groups such as the Washington State Solar Energy Industries Association maintain their own lists of preferred companies.

Get several estimates for your solar panel installation. The expense of putting solar panels on your roof runs an average of $18,840 for a 6 kW system, and $31,400 for a 10 kW system, according to EnergySage.

Learn what you need. Systems are sized based on your consumption, the size of the sunny space on your roof and how much you can afford, according to Solar United Neighbors. Keep in mind that the bigger the system, the more energy it produces – and the more expensive it is.

Decide how you will pay for the solar panel system. This could involve a purchase, lease, or what is known as a solar power purchase agreement, in which you buy the power but you do not own the system. Consumer Reports advises anyone who can afford it to pay upfront. That way you avoid finance charges and it allows you to take full advantage of the federal tax credit.

How long do you plan on staying in your home? Some surveys show that solar panels increase the value of a house. You won’t know until you sell. But experts say that it is safest to stay in your home until the panels pay for themselves.

Three Tips for Shopping Solar

1. 1. Homeowners who Obtain Multiple Quotes Save 10% or More
      Searching for solar panel installation requires a lot of research and consideration, including a thorough review of the companies in your area. The U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) issued a report recently that recommended consumers compare as many solar options as possible to avoid paying inflated prices, typically offered by the largest companies in the solar industry.

 

1. 1. The Biggest Installers Typically Don’t Offer the Best Price
      Homeowners interested in purchasing solar panels are advised to consider all their solar options. A recent report issued by the U.S. Government found that large installers are $2,000 to $5,000 more expensive than small solar companies. If you have offers from large solar installers, make sure you compare those bids with quotes from local installers to ensure you get the best deal available.

 

1. 1. Comparing All Your Equipment Options is Just as Important
      National-scale installers not only tend to offer higher prices, they also tend to have fewer solar equipment options. This can have a significant impact on your system’s electricity production. When you gather multiple solar bids, you can compare costs and savings based on the different equipment packages available to you.

 

The Biggest Installers Typically Don’t Offer the Best Price

Homeowners interested in purchasing solar panels are advised to consider all their solar options. A recent report issued by the U.S. Government found that large installers are $2,000 to $5,000 more expensive than small solar companies. If you have offers from large solar installers, make sure you compare those bids with quotes from local installers to ensure you get the best deal available.

Comparing All Your Equipment Options is Just as Important

National-scale installers not only tend to offer higher prices, they also tend to have fewer solar equipment options. This can have a significant impact on your system’s electricity production. When you gather multiple solar bids, you can compare costs and savings based on the different equipment packages available to you.

Hot Solar Solutions 🡪 Your Local, Expert Solution for All Things Solar!

If you are in the market to purchase solar panels for your home or business, look no further than Hot Solar Solutions in Kennewick. With nearly 300 days of sunshine in the Mid-Columbia area, solar not only makes sense, it makes dollars and cents!

We are a local company, with deep roots in the Tri-Cities area, that is committed to helping our customers save money, be more self-sufficient, and make a positive impact in our community by reducing their carbon footprint.

If you are interested in exploring solar power for your home or office, we invite you to contact Hot Solar Solutions, your complete solar solutions company, at (877) 386 4263!