Financing Solar Panels: Are Solar Panels Financially Feasible For You?

Solar panels are taking off and that’s the cold, hard truth. In recent years, the residential solar energy market has seen incredible growth. While the particular business segment still has a long way to go, figures don’t lie and the foreseeable future all point to the technology’s development. But if you haven’t joined the bandwagon just yet, you may be asking yourself if the homeowners who’ve already done it are worth emulating. 

Is it even feasible, to begin with?

Hearing “well that really depends” as a response can be off-putting, so this article aims to thoroughly discuss the financial factors that determine if solar panels are worth it for you. 

Are Solar Panels A Good Investment?

To better appreciate and understand what and how residential solar panels can benefit us, there are few things we may want to consider. Listed below are questions you can ask yourself:

Is my electricity bill always high?

There are plenty of things that can encourage you to start utilizing a solar panel for your home, but your electricity bill is a massive determiner. At present, utility companies have rates that vary depending on where one lives. Some parts of the US may have electricity companies that charge 20 cents or more per Kilowatt-hour, while other parts of the country may demand only eight cents per kWh. 

Going solar allows one to efficiently set up on their roof a mini power plant to replace their current one where their utility sources its electricity from. So if your bills are regularly high, that means you’re the one who benefits the most of our solar panels. 

SolarGaps’ innovation, is a sure-fire way to keep electricity costs low while looking trendy and stylish at the same time.

If you’re uncertain how much money solar panels save you, there are a ton of solar calculators you can find online. They may not be able to give you the exact quotation you’re looking for, but they’re mostly good gauges of how much money you’ll ultimately save. 

Is it expensive to have solar panels installed?

Just like electricity consumption, installation prices also vary. One strong factor is the equipment you choose and the solar company you partner with. Cheap solar panels may be tempting, but if you’re looking at big-time savings in the long run, selecting premium equipment remains to be the better choice. 

It’s also good to note that taking the time to read up on your panel options can do wonders. Like shopping for phones, consider every material and alternative to assess if you really are getting your money’s worth. There are also dozens of online resources that display side-by-side comparisons for solar panel equipment options. 

To solidify your search, factor in the solar rebates and incentives extended to people in your area. This can help you exponentially reduce your net cost. Lots of municipalities and states provide solar tax credit cuts and other monetary incentives for their residents; whether a 30% tax discount or a cash rebate, the perks can be inviting. 

What if I don’t live in a tropical state?

It goes without saying that solar energy heavily and exclusively obtains its power from the sun. But the truth is, you don’t have to be a California or Las Vegas to reap its benefits. As a matter of fact, states like New Jersey, New York, and Massachusetts are great examples of states that make use of residential solar panels the most. The reasoning is pretty direct: because these states often have more expensive electricity charges, their local incentives are a lot more enticing than many other parts of America. 

Solar Energy Installation Shopping Tips To Take To Heart

Make the time to get multiple quotes 

Similar to buying a plane ticket bound for a foreign country, it’s good to know what your pricing options are. Note that shopping for solar panel installations shouldn’t be overnight activities. Always, always include the reviews of every solar panel company in your area. To avoid being forced to pay inflated prices by popular solar panel installers, consider every quotation and package service you can. The U.S. Department of Energy’s National Renewable Energy Laboratory (NREL) suggests this, too. 

Look for installer networks online to include smaller solar panel contractors in your list of options. Quotations are generally free and may give you a clear picture of how much you can save and what your alternatives are. Those who get multiple quotations can expect to save up to $10,000. Like a phone plan that’s designed to last you long, invest not only money but your time, too, in understanding every package presented to you.  

Many times, the most popular solar providers don’t offer the best deals

Just because it’s popular, doesn’t mean it’s the best. This is precisely why neglecting to consider smaller contractors can hurt you in the long run. When you don’t examine every option you have, you intentionally miss out on deals that would have benefited you most. Popular solar providers may only be popular because of their budget for advertising. If you check online, you will find that large solar installers can be $5000 costlier than smaller ones.

While credibility is important, going for more practical solar packages isn’t a bad idea, too. Besides, size doesn’t always equate to credibility—this is why you read up on reviews, to start with; to make sure equal consideration is given to every solar company near you, be they popular or not. 

Compare the equipment solar providers present you

Unless you give the whole solar panel project a taste of the old DIY treatment, you’re going to have to study what solar equipment options your local providers present you. These often have a tremendous impact on how electricity is produced and preserved for your home. 

By obtaining a diverse set of solar panel quotations, you can assess savings and costs associated with the equipment these solar panel packages come with. There are a variety of factors to tick off your consideration list and knowing that exceptional solar panel materials aren’t always the solution to better savings can be helpful. 

Do I have to go solar now?

If your line of reasoning leans more toward: “are solar panels for my home crucial now or can I afford to give it a few more years?” as opposed to “is this really needed?” then you’re most probably on the right track. Being able to incorporate natural energy to your way of life isn’t only helpful, it’s also an important step towards conservation. But it’s expensive, you say.

To a degree, this can be true. But zero down financing loans can help counter this excuse. While having to exhaust a few thousand dollars, in the beginning, can sound overwhelming to many homeowners, the savings one gets as their solar panel journey begins is immediately noticeable.

After everything that’s been said and considered, let’s revisit the titular question: are solar panels financially feasible for you?

While only you can answer this question, the best answer is “it should be.” Given how solar energy is a safe solution to getting rid of fossil fuels such as gas and coal, resorting to solar energy is a small step every American household should take to better improve the way we go about the environment.

About Salman Zafar

Salman Zafar is the Founder of EcoMENA, and an international consultant, advisor, ecopreneur and journalist with expertise in waste management, waste-to-energy, renewable energy, environment protection and sustainable development. His geographical areas of focus include Middle East, Africa, Asia and Europe. Salman has successfully accomplished a wide range of projects in the areas of biomass energy, biogas, waste-to-energy, recycling and waste management. He has participated in numerous conferences and workshops as chairman, session chair, keynote speaker and panelist. Salman is the Editor-in-Chief of EcoMENA, and is a professional environmental writer with more than 300 popular articles to his credit. He is proactively engaged in creating mass awareness on renewable energy, waste management and environmental sustainability in different parts of the world. Salman Zafar can be reached at salman@ecomena.org or salman@bioenergyconsult.com
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One Response to Financing Solar Panels: Are Solar Panels Financially Feasible For You?

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