Are Solar Panels Really Worth It?
The average homeowner’s situation varies in as many ways as planets in the galaxy. Whether it’s their first home, investment property, or nest, they can all agree reducing maintenance costs is paramount. It is not a surprise that many homeowners are choosing the to “Go Solar.” Solar is the best option for homeowners to maintaining a home. The benefits of a solar installation are numerous and include many environmental pluses and led homeowners save money on ever escalating home energy costs. Even more, solar panels will increase home value, make return on your investment, and it is long term energy independence.
What states are going solar?
Most states looking for 3rd party energy options are settling in on Solar. States like California, Nevada and Arizona and Eastern Seaboard states like New Jersey, Massachusetts, and New York are leading the charge. With both local government and statewide support, homeowners are taking advantage of solar installation benefits. When coupled with the Federal tax incentives in effect until 2020; It has become increasingly apparent that homeowners in these states have gone all in and are proponents of “Going Solar”.
What makes the solar alternative so appealing?
Return on Your Investment (ROI)
The real question here is to Buy or Lease. As reports on increasing property values are published due to having a solar system, homeowners are seeing the advantages of buying their own solar system. These reports are indicating a cause and effect in purchasing of a system and higher home sale prices. Homeowners on average see a return on a solar investment between 3-5 years after purchase. For those homeowners that aren’t looking to sell their home in the future, leasing is a cost-effective way to mitigate fluctuating energy costs. Whether you opt to purchase the system or lease for $0 down lease/PPA, the savings are undeniable.
Fixed Cost of Utility
This is the primary reason why homeowners are going solar. Solar installers primary goal is to cover the homes most expensive energy tiers. Their goal is to extract as much energy possible maximizing the roof space in a home and by using the best solar arrays. These two factors are key in the total possible energy production.
Long Term Energy Independence
Often mistaken as being “off the grid”, energy independence means not having to rely on traditional energy options that can spike in cost depending on the season. Homeowners looking for the going solar benefits are that the sun is not taxed, mined and or subject to labor, environmental, governmental or outside cost escalators. It means, those who have or are looking to add a solar system will be free of traditional energy cost escalators which get passed down to consumers from power companies.
Increased Home Value
Industry experts believe this is the last barrier in the adoption of solar as the primary alternative energy option for homeowners across the country. In many cases, it was thought that a solar system limited potential buyers because of low of curb appeal and the restrictions associated a lease or PPA. New research however has almost changed this notion overnight. The report from the Lawrence Berkeley National Laboratory sponsored by the US Dept of Energy outlined the value of a solar system. Out of approximately 2,300 homes in eight states factored…. This report was the first of several verifiable game-changing insights that showed homeowners were willing to pay more for a home with an affixed solar array. Furthermore, several independent agencies have conducted their own studies confirming the initial findings. These findings have led to the revision of appraisals and inspections attempting to place a dollar amount on a solar installation. There is no standard on how to appraise a home’s solar system. There are many differences in panel and inverter types, system sizes, and kW output. Regardless, homeowners still can factor in the added value from having a solar installation on their home.
Is a solar panel the best option?
Solar is currently the most viable and best long-term option for renewable energy. Some homeowners think the “next best thing” is out there, but there are no indicators the justify this. In fact, states like California have mandated that starting in 2020 all new residential home construction must include solar. This means that Sacramento has committed to solar and has made it advantageous to the homeowner. Many are pointing to the year 2020 when talking about the new law in California mandating residential solar be included in most new home build. That’s because this is when current Federal Government tax incentives are schedule to end. What California is saying is that we no longer need the tax incentives as we’ve passed a law making solar mandatory. What this means to the average homeowner in today’s market is that programs that have been designed to make solar affordable and increase the ROI to much more manageable terms is going away. If a homeowner hasn’t been moved to make the switch so far, maybe the fact that programs meant to save them money will motivate them to look closer.
How much will cost to install solar panels?
Installation cost of solar systems today are almost 50% cheaper than that of a decade ago. The actual production/output of a new system has gone up almost 15% on average. This now means a new system costs less and produces energy driving profitability markers. This only goes to show the expanding acceptance of solar throughout North America. Costs have come down because business is booming. Production has increased as the market has become more and more competitive due to dozens of companies bringing more and more panel types and inverters to market. Truth is that homeowners who have chosen not to go solar so far will never recoup the money they could have saved regardless of the cost/production improvements if they owned it today.
Are there any additional costs for going solar?
The costs included in going solar are still lapped many times over by the potential savings for a homeowner making the solar switch.
Roof
Solar panels are warrantied for between 20-30 years in most cases. This may not coincide with a homeowners current roof situation. A new or repaired roof may be needed to achieve the optimum solar installation because a reputable installation company should never install panels over a damaged or weathered roof.
Maintenance
Solar panels need to be cleaned and maintained. Don’t forget these are exposed to the elements 24/7 and subject to whatever mother nature can offer.
Electrical
The average age of owner-occupied housing in the US has grown to average 37 years based on a 2015 study. The now means that in some cases the home’s electrical is almost 40 years old. This could mean a main panel upgrade may be needed at time of installation.
Is solar still worth it?
It’s these improvements to both the technology and the installation process coupled with programs designed to support the growth and secure solar as the leading energy alternative option for homeowners. Homeowners are going solar and taking advantages of the solar benefit by the tens of thousands each year. Although some may not see the solar installation benefit, it is still the best option for homeowners looking for long term stability in the ever fluctuating costs of maintaining a home. That’s why it’s easy to say, “Yes” when asking the question, “Is solar still worth it?” Our identity revolves around one concept: The youth is our future. We’re bold and loud about Climate Change and take the health of our planet very seriously. We’re all in on sustainability and will do just about anything to help people go green. INSOLAR is a technology company that connects solar customers with the best solar panel installers at the lowest prices in the market. INSOLAR customers can save up to 50% more by using the INSOLAR platform to go solar. Get your own solar proposal in seconds here. Recently, Orange County Business Journal (OCBJ) and UC Irvine Rising Tide have talked about us.
