The question that is doing the rounds is whether solar panels are economically viable; that is, do their utilities really outweigh the price. The answer can be either way, since different types of projects and even states where these are installed play a crucial role.
New Jersey, Pennsylvania, California, Arizona, Massachusetts, Colorado are Hawaii some of the prominent states where installation of solar panels had proved beneficial. In these as well as in some other states, a solar panel project stopped financial expenditure as early as three to five years after installation; the supply of energy was dependable and paved the way for long term energy savings.
However, if you are planning to install a solar energy project for your home, consider some or all of the following factors that can be instrumental in helping you to calculate the returns on you investment in solar panels.
• Consider your actual financial spending for electricity consumption. Keeping all the things constant, if you see that your expense per kilowatt hour (KWh) is relatively high; solar home energy system is the ideal thing for you and you can save big money on electricity consumption.
• Also consider the solar energy incentives that are available in your state or area. If your state government allows you to sell solar renewable energy credits (SRECs); a home solar energy system is not only going to bring down your electricity bill but is also going to help you earn.
Majority of the states in the United States receive a lot of sunshine and if you reside in one such state; installation of solar energy system can prove to be very effective.
Solar panels even influence the value of your homes; if you install solar panels, these are going to increase your home’s worth and decrease the price of ownership. Get an authentic quote for the solar energy system that you are planning to install for your home; it is not only going to provide you with year on year cost benefit associated with this system, but will also give you a cash flow analysis thus helping you to anticipate the time frame by which you can recover your investment and also the returns on it.
As a home owner, you can thus determine the type of monetary payback that you would like to have in your home energy system. Like many, you can choose a 10-year repayment option and can remain rest assured that your solar panel system is going to give you inflation-protected financial savings for an additional 15 years; over and above the initial 10-year period.
There are other types of solar panels, too, which can help you to recover your investment within 5 years or less; no matter, whichever solar energy system you choose, you are going to get benefitted only. With each passing day newer systems are coming which are cutting down homeowner’s power bills and this, along with positive return on investment (ROI), heavily outweighs the upfront solar panels cost.
However, the above does not hold true for some of the states where solar incentives are weak and/or cost of electricity is quite cheap. But, since the solar panels are becoming more affordable every day coupled with state initiatives for encouraging solar power; you can expect affordable home solar energy system for homeowners, anywhere in this country.
If you happen to live in a state where conditions are favorable for generating solar power, do not let this opportunity slip; install solar panels and reap rich dividends.