In the past decade, the cost of residential solar power has dropped by more than 50%. Solar panels are not only getting more efficient, but they are becoming much more affordable than ever before.
On top of affordability, the federal investment tax credit is allowing homeowners to save as much as 26% on their installation costs, making this the best time in history to install a solar panel system.
But is it worth it? Should you be installing solar panels this year? There’s a lot to consider when it comes to green energy and solar home.
Keep reading below to see if solar living is right for you.
1. How Much Sun Do You Get?
One of the most important factors to consider is where you live and how much sun you get. In some cities and states, solar panel ROI comes much quicker due to a higher number of sunny days.
This happens in states like California, Nevada, Arizona, Texas, and Florida. But it’s still worth it to install solar in other states, though it may take longer to generate a return on your investment.
2. Which Direction Does Your Roof Face?
Another factor to consider when it comes to solar panel installation is the direction your roof faces. In the US, a roof that faces the south is ideal for solar panels.
South sloping windows will receive the most sunlight throughout the year, though east and west-facing slopes are also an option.
3. Type of Panels
There are different types of solar panels available at different price ranges. In general, the more expensive panels will be more efficient. That means fewer panels will be needed to generate adequate amounts of electricity for your home.
4. Federal Investment Tax Credit
The federal investment tax credit allows homeowners to claim a 26% tax credit on their solar panel installation cost if they install it in 2022.
In 2023, the credit drops to 22% before disappearing in 2024. To save thousands of dollars, this year is the best year for solar installations.
5. Local Solar Incentives
Depending on your state, there may be additional solar incentives available to help you save money.
A handful of states offer property tax exemptions since solar panels increase the value of your home. Some also offer sales tax exemptions.
States like New York also offer a rebate, providing cash for every watt their system generates.
6. Cost of Installation
The cost of solar installation varies by state. It also varies by the size of your home and the amount of electricity you need to generate. On the low end, solar systems may run around $13,000 while others may expect to pay around $20,000 or more.
7. Reputable Installers Nearby
Lastly, consider the range of solar installers available in your area. Some companies, like Blue Raven Solar, have a national reputation for excellence. Make sure to consider all your options and only work with licensed installers.
Installing Solar Panels Today
Installing solar panels is not an easy decision to make. The cost is quite high for most homeowners. However, the incentives currently available make it much more attainable than ever before.
Consider installing solar today and living a more affordable lifestyle for decades to come.
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