Is It A Good Idea To Buy Solar Panels?
It depends; like every home, each homeowner's situation is unique. And no matter what a salesperson may try to tell you, there is no one size fits all solution when it comes to going solar. Your house size, power consumption, even the side of the street you live on can affect whether it's a good idea for you to buy solar panels. Here are some of the main factors most homeowners should consider when deciding if solar is a good investment for their family.
Solar Panels and Geography
Location, location, location. Where you live and even the direction your house faces can be factors in your decision-making process. Does your roof face south? How is the weather where you live? Are there large trees on your property? How about tall trees on your neighbor's property?
Some things you can't control, like the fact that your neighbor probably won't cut down their tree that shades your roof. But if you live in a state like California, the sun is usually on your side. For most of the year, abundant sunshine makes a prime location to install solar panels on a home, even if your roof doesn't happen to face south.
If you're living in the Golden State and you're still not convinced, here's another thing to consider. According to 2019 available data, the current national average for electricity is right around 13 cents per kilowatt-hour. But in California, you're paying around 20 cents per kilowatt-hour (7 cents per kilowatt above the national average)! And depending on who your utility provider is, electric rates continue to rise like clockwork every year. It can be a good idea to buy solar panels as a simple investment to protect yourself against the inevitable hike in utility rates.
Solar Panel Incentives
Look into the available incentives in your area; these can also be discounts or rebates that make going solar a more appealing investment. Federal incentives like the solar tax credit (ITC) make purchasing a home solar system more desirable by offsetting the cost of the equipment against any taxes you may owe. The good news is Congress just extended the 26% Federal Solar Tax Credit, which was due to be lowered to 22%. This tax credit will remain at 26% for the next two years and then drop to 22% in 2023.
Energy Consumption vs. Solar Panel Generation
Every household has unique energy needs. It varies from the number of people living in the house to the type of appliances they own. How energy efficient is your home? Do you have a pool with a variable speed pump? Have an electric car, or are you planning on getting one? What do you expect your energy consumption to look like in a year or five years?
Grab your electric bill and take a look at your current energy use. As a general rule, the higher the utility bill, the more likely you'll benefit from switching to solar. To see if you may be a good candidate for solar, use our free calculator to see your potential energy savings and the estimated number of solar panels needed to make it a reality.
We understand that going solar is a big decision, and we know there will be many questions. If you want to explore installing solar panels but still have questions about available incentives or how to calculate future energy consumption, feel free to reach out to us.
