Is It Worthwhile To Install Solar Panels

That s a reflection of the fact.

Is it worthwhile to install solar panels.

As i said above whether or not solar power will save you money and how much it will save you depends on a lot of factors specific to your situation. While installing solar panels may benefit the planet and could help lower your monthly electricity bill for people of or approaching retirement age putting them in may not make fiscal sense. While cheap solar panels might feel like the easiest way to save some cash your total 20 year savings will often be higher if you invest in high quality equipment. The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation.

Installation prices will vary significantly depending on the solar company you choose and the equipment you install. Separately zillow released a study in 2019 which concluded that solar panels on average added 4 1 to the value of a home effectively making installing solar panels a worthwhile investment even if you plan on selling your home in the future. Some estimates suggest it could take. That means homeowners but not renters can subtract the credit from the federal income taxes they owe in effect reducing the price of their solar purchase by nearly one third.

One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. That s a pretty good deal courtesy of uncle sam. According to chris barnes from consumer group choice the answer is pretty clear. In almost all cases for almost all homes yes it s still worth it he said.

That said if you have an unshaded roof that can host solar panels there s a high likelihood that solar power will save you tens of thousands of dollars over their lifetime. The government is effectively contributing nearly 1 3 of the price of your going solar. It s worth taking some time to review all of your equipment options and find the right combination of price and quality for your home.