Are Solar Energy Systems Worth It

The average payback period for a residential solar system in 2020 is about seven years.

Are solar energy systems worth it.

It usually costs 15 000 to 20 000 after tax credits and can reduce your electricity bill by 70 to 100 percent depending on the size and. However what makes solar panels worth it are the robust federal and state incentives. In those events you have to rely on a generator or buy a battery backup for your solar system. However like all alternative power sources the system has some drawbacks that cause hesitation in many people.

And while the cost of solar panels has dropped more than 70 since 2010 according to the solar energy industries association batteries can cost as much as 10 000 to 15 000 including installation according to solar united neighbors. When designing an off grid solar system it is usually also necessary to strictly control and measure loads and have some kind of backup generator. These systems are usually more expensive as you need more solar panels and energy storage in order to cover all of your usage as the grid can t be used during times of low solar production. The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation.

The solar power system is the most popular and reliable alternative system that provides many residences and buildings with sun energy in order to keep the basic systems running. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. How are you financing your solar panel system. The government is effectively contributing nearly 1 3 of the price of your going solar.

It s worth looking at the department of energy website to see whether you can claim for this. If you live in an area with high energy rates and a suitable solar rating and can afford the initial investment it s worth installing solar panels in your home while the 26 tax break is in. The experts recommend shopping around for solar while avoiding door to door salespeople. If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands.

Cash buying your solar electric system outright is best. If you are.