There’s a lot of discussion about whether solar is actually a sound investment. What most people want to know is the bottom line: Does installing panels on my roof actually save me money? The short answer is yes! Read on to find out how you save money with solar, and the reasons why people sometimes come to the conclusion that solar isn’t worth their time or money.
First, what’s the investment?
It’s simply the cost of installation! There’s no doubt that this number can vary by location and system, but the upfront cost of installing solar is really the largest factor in what money is coming out of your pocket. Solar prices have dropped 19% in the last 12 months according to the Solar Energy Industries Association and don’t forget that there are federal and state tax credits and local rebates to be taken advantage of.
The misunderstanding that solar is too expensive happens when the initial cost is looked at without taking the return on investment into account.
Long Term Return on Investment
Solar can help save you money in the long run. In fact, on average, Americans save $20,000 over the course of the 20 years following a switch to solar– and that’s on average. Californians see an average savings of $34,260 and Hawaiians an average of $64,769! Here in Connecticut, we see an average savings of $29,701 over a 20-year period. But how? Think about that dreaded monthly energy bill, and then imagine drastically lowering it each month or even eliminating it. Once the money that you have save on your energy bill outweighs the initial cost of installing the system, you’re getting your monthly energy supply at a small fraction of what you would have been paying, or even for free!
So are there some places in America where solar doesn’t save in the long run?
The short answer is no. Kentucky is the state with the lowest average return on investment for solar over a 20-year period, and savings still come in at over $14,000. And that’s $14,000 that otherwise would have been spent for the same living situation!
So why doesn’t everyone have solar?
This really comes down to the hurdle of the initial investment for most Americans- a combination of lack of awareness of the long term financial benefits of solar and a lack of awareness of the financing options and tax credits and rebates available to residents.
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Written by Joe Chenoweth, President of Smart Roofs
Located in Trumbull, Connecticut, Smart Roofs offers premier solar panel installation and roofing services in Connecticut. Smart Roofs provides quality roofing and solar services to Fairfield County business and homeowners. Their talented roofing and solar teams will design a solution that fits your needs and sticks to your budget. They can help you reduce and even eliminate your monthly electric bill, all while raising the value of your home. Using tax benefits and recently-created SRECs, solar panel installation is more affordable than ever.
Contact them to find out how much you could save and get paid. Receive a free $50 Home Depot or Target gift card with an in-home assessment.
For more information, please visit smartroofsct.com.
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