Home ImproVision
  • Home
  • About
  • Design
  • Kithcen Remodel
  • Bathroom Remodel
  • Doors and Windows
  • Flooring
  • Contact
Subscribe
No Result
View All Result
  • Home
  • About
  • Design
  • Kithcen Remodel
  • Bathroom Remodel
  • Doors and Windows
  • Flooring
  • Contact
Subscribe
No Result
View All Result
Home ImproVision
No Result
View All Result
Home Appliances

Going Solar: Is the Investment Worth It?

Kimberly by Kimberly
August 1, 2023
in Appliances, Roofing, Uncategorized
0
Going solar
Share on FacebookShare on Twitter

Installing residential solar panels allows homeowners to harness the sun’s energy and generate their own clean electricity. While this offers many benefits, like lower utility bills and a smaller carbon footprint, it requires a significant upfront investment that not all homeowners can afford. So is going solar ultimately worth the high initial costs to have, amid the hotly contested rubbing salt in the wound costs of grid electricity? Let’s examine the pros and cons of switching to this mode of energy source before saying yay or nay.

Related articles

Central Vacuum Cleaner for the Whole House: What You Need To Know

Energy Efficient house: Benefits & Features

The High Upfront Costs of Solar Panels

Going solar requires a major investment on the front-end. Between purchasing the panels, inverter, racks and other equipment and paying for professional installation, it’s typical for homeowners to spend $15,000-$25,000 for this project. Lets take a look at what it entails

Purchase and Installation Costs

The panels themselves account for about half of the overall system cost. The specific type of panels, their efficiency and your home’s energy needs will dictate the number of panels needed and total price. On average, panel installation costs about $2 to $4 per watt2. A typical 6 kW system could cost $12,000 to $24,000 just for the panels and installation.

Additional Equipment and Permits

You’ll also need additional equipment like an inverter to convert the solar energy into usable electricity. Unless you have a lot of flexible income, the high initial investment for a complete panel system is difficult for many homeowners to afford upfront. Fortunately, you may qualify for incentives and tax credits to offset the cost.

Federal and State Incentives for Going Solar

The federal government, states, utilities and even some local governments offer financial incentives for installing residential solar. These programs help defray the upfront costs and shorten the payback period.

Federal Tax Credit

The federal solar tax credit allows you to deduct 26% of your installation costs from your federal taxes or more. This can save you thousands of dollars. The tax credit will fall to 22% in 2023 before being eliminated for homeowners in 2024 or more.

State and Local Incentives

Many states and utilities offer additional solar incentives such as rebates, tax credits and performance-based incentives based on the amount of power your system generates annually. These can potentially cover 5%-50% of your installation costs or more. So, check the desire database to search incentives in your area.

Long-Term Savings on Electricity Costs

While solar requires high upfront costs, it can pay off substantially over time through lower electricity bills and virtual immunity to utility rate hikes.

Eliminating Electric Bills

A properly-sized solar system can drastically cut or completely eliminate your electric bill, providing free electricity for decades after the system is paid off. Without a monthly bill, your annual savings really add up.

Protection Against Rising Energy Prices 

Electricity rates have been rising 6% annually nationwide. With this energy source, the amount you pay for electricity remains fixed at nearly zero. This shields you from potentially exorbitant electricity costs far into the future.

Increased Home Value and Resale Potential

Going solar increases your home’s value and makes it more attractive to potential buyers. This can greatly help recoup your original investment.

Solar Homes Sell Faster and For More

Solar system is a valuable investment as homes with the power systems sell for 4.1% more on average than comparable others. They also sell 20% faster according to a 2021 study. With its electricity rates locked in, buyers enjoy guaranteed low energy costs.

Appraisal Value of Solar 

In some states, appraisers can increase the value assessment of homes with solar to account for energy savings and other benefits. This increases the value of your home.

Considerations Before Going Solar

While solar can be a smart investment for many homeowners, make sure to consider these factors to determine if it is right for you: 

Your Roof’s Access

Your roof needs ample unobstructed sunlight year-round to maximize solar production. If your roof is shaded, solar output will be limited.

Analyze Your Electricity Usage

Understanding your household’s electricity consumption will help properly size your solar system and calculate potential savings.

Research Installers and Get Quotes

Vet several installers in your area and compare multiple quotes. Many factors can influence system pricing.

Conclusion

Weighing the pros and cons, installing solar panels is a smart long-term investment for most homeowners, providing decades of free electricity and protection against rising energy costs. But be sure to analyze your specific situation carefully. With the right design and financial incentives, you can defray the steep upfront installation costs and realize excellent long-term returns.

Tags: Home improvementSolar energySolar panelSolar roofing
Kimberly

Kimberly

My name is Kimberly. I am a contractor and a home improvement writer with over 5 years of experience covering all aspects of home upgrades and repairs. I specializes in creating detailed, easy-to-follow tutorials on installing and maintaining various flooring options, from hardwood to tile to laminate. Moreso, I frequently writes about plumbing and electrical projects, equipping homeowners with the knowledge to take on minor and major fixes themselves. My articles focus on practical, actionable advice presented in a straightforward and engaging manner. I am passionate about empowering homeowners to become confident DIYers and create their dream home.

Related Posts

Central Vacuum Cleaner

Central Vacuum Cleaner for the Whole House: What You Need To Know

by Kimberly
January 28, 2024
0

Tired of dragging that heavy vacuum cleaner from room to room? Imagine being able to plug into outlet valves installed in the walls to vacuum each...

Energy Efficient house

Energy Efficient house: Benefits & Features

by Kimberly
January 27, 2024
0

Have you seen your energy bills skyrocketing lately? For most homeowners, opening up the monthly utility bill brings a sense of dread. As energy costs continue...

Off-grid living

Off-grid living: Is it a fact or fiction?

by Kimberly
January 27, 2024
0

The sound of birds chirping instead of an alarm clock. The smell of fresh air rather than car exhaust. The sight of stars blanketing the night...

Ways to reduce waste

6 Smart Ways to Reduce Household Waste

by Kimberly
January 26, 2024
0

Waste is an inevitable part of daily life, but that doesn’t mean we can’t try to reduce the household waste we generate.  According to the Environmental...

The Real Cost of Home Ownership: Beyond the Purchase Price

The Real Cost of Home Ownership: Beyond the Purchase Price

by Olivia
November 15, 2023
0

Home ownership is often considered a cornerstone of the American dream, symbolizing stability, security, and financial independence. However, the dream of homeownership comes with many expenses...

Next Post
Insulation

Insulation Explained: Understanding the Different Types of Insulation

House

Buying a Bigger House or Addition: Which Is Better?

Power of color

The Power of Color: Leveraging Psychology in Home Design

CATEGORIES

  • Appliances
  • Bathroom Remodel
  • Construction
  • Design
  • Doors and Windows
  • Electrical
  • Flooring
  • Housing
  • HVAC
  • Kithcen Remodel
  • Landscaping
  • Outdoors
  • Plumbing
  • Roofing
  • Uncategorized

RECOMMENDED

Ways to reduce waste
Uncategorized

6 Smart Ways to Reduce Household Waste

January 26, 2024
omniblock
Construction

Omniblock: Best Energy Efficient Construction

June 19, 2023

TAGS

Backyard summer activities for entire family bathroom remodeling Bathroom Remodel Tips Best Material for Your Windows and Doors Build your own home construction Electrical checklist Electrical home improvement Electrical maintenance Elevate your home's appeal with our expert guide on choosing the perfect front door. Discover style tips fire checklist flooring options Flooring trends Home Appliances Home appliances upgrade home construction Home design home electronic appliance Home improvement house electrical system HVAC services kitchen remodel Kitchen remodeling kitchen renovation Latest Trends in Kitchen Cabinets manufactured home modern kitchen New home building new windows old windows plumbing repair plumbing system Proper Windows and Doors Installation Reliable plumber roofing security insights sustainable design Sustainable flooring traditional home updated kitchen Windows Installation Windows repair windows replacement Winterization Winterization and Who Needs It
Facebook Twitter Instagram Youtube

© 2023 Home Improvision - All Rights Reserved

No Result
View All Result
  • About
  • Contact
  • Home
  • Privacy Policy

© 2023 Home Improvision - All Rights Reserved