If you’re a homeowner, you’ve probably had someone tell you, “solar panels will save you money because they’ll cut your electricity bill.” They will definitely cut your electricity bill, but keep in mind that solar panels require an investment up-front that may significantly affect how much you actually save.
According to the U.S. Office of Energy Efficiency and Renewable Energy, solar panels are more affordable and accessible than ever before. Although, they can still cost between $10,000 and $20,000 for installation.
With that in mind, are solar panels worth it? The following will cover five factors that can help you determine whether or not solar panels will be a worthwhile investment for you in the year ahead.
[ Rental property investor, rehabber or wholesaler? Get to know which investing strategy is the best fit for YOU by attending our FREE online real estate class. ]
How to Determine If Solar Panels Are Worth It
From an environmental perspective, solar panels are absolutely worth it. Solar energy is great for the environment and will play a key role in combating climate change and creating more sustainable cities.
Of course, if you’re asking yourself, “are solar panels worth it?” then you’re probably wondering about the numbers, not the green factor.
When you install solar panels on your rooftop, you’re basically putting a mini power plant on your home that generates electricity for you. Solar panels can significantly offset or eliminate your electricity bill, which can save you a ton of money over a long period of time.
But the equipment and installation are expensive, running anywhere from $10,000 to $25,000. Many homeowners are concerned that the upfront costs will negate any savings on electricity. Continue reading “Are Solar Panels Worth It In 2022? 5 Factors to Consider”