How Can Solar Panels Save You Money?

One of the most personal investments that you can make is purchasing a home. A new homeowner is committed to protecting their investment as soon as they sign a mortgage. Installing solar panels from is one way to increase the value of your property. Solar panels convert sunlight into electricity to help make savings on your monthly electricity consumption. 

Can Solar Panels Save Money?

The straightforward response is yes, and solar panels can help save money. Solar panels are environmentally friendly because they can help reduce greenhouse emissions, and they can help you save more money each month on electricity expenses. One of the ways to secure those savings is by using less electricity from the electricity provider and more from the solar panels. Electricity savings become especially prominent when you have made enough savings on electricity bills to recover the installation cost of the solar panels. 

What Is The Cost Of Solar Panels?

After applying a 30% federal solar tax credit, the average cost of installing solar panels can be between $11,025 and $26,565 based on the information from HomeGuide. The exact price depends on how many panels are needed to satisfy your energy requirements. 

The exact number of panels and the total cost of the solar system depends on the number of needed kilowatts. Having more solar panels means that you will be able to produce more kilowatts of energy. This also means that a 15-kilowatt system will cost more than an 8-kilowatt system initially, but you can make more savings later on with the more extensive solar system. 

How Much Time Does It Take To Recover Your Investment?

The time it takes to earn back your initial investment is based on the total price of your solar panel project. It takes about seven years to recover your investment for a solar system worth less than $11,000. It can take up to 12 years to recover costs for a solar system worth approximately $26,000. Any other savings you make after the solar panels have paid themselves off are a bonus. 

Increase In Property Value

On top of the energy savings, installing solar panels increases the overall worth of your property. Based on the information from Zillow, a home with solar panels is worth 4% more than a similar property without solar panels. For example, if you own a property worth $300,000. With solar panels installed on that property, you can sell it for at least $312,000 or more. 

What Is The Best Way To Install Solar?

The best way to install solar panels is through qualified professionals with a certification to work with high-quality solar panels. The North American Board of Certified Energy Practitioners (NABCEP) is a certification that must be held by the team or individual that installs the solar panels for you. Some ways homeowners can purchase solar panels are with the help of a solar loan, lease, or power purchase agreement (PPA). If you use any one of these methods to buy solar panels, always consider taking the time to improve your credit score before making a purchase.

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