A rising electricity bill is hard to ignore. However, that’s what most consumers are facing right now, which has led to an influx of homeowners asking whether or not solar panels’ costs are worth it. With the national average cost of electricity rates (a kWh of electricity hovers around 13.31 cents), clean energy alternatives like solar power have become increasingly advantageous.
If you’re among the camp that’s unsure whether the buzz surrounding solar panels is just that — buzz, then you might be surprised to learn that the cost of solar panels is worth it for many homeowners. Still, whether solar panels are worth the investment depends on a few crucial considerations:
How Much Is Your Energy Bill?
Among the most significant benefits of solar panels is that they can dramatically reduce or even eliminate your monthly electric bill. The more you pay each month for electricity, the more you stand to save from going solar, which can help you decide if solar panels are worth the investment and upfront costs. Over time, you can actually offset solar panels’ costs by avoiding paying your money to the electricity provider. The “break-even” point for central Texas solar panel owners is typically from eight to ten years after installation.
How Much Sunlight Does Your Home Get?
If your home is in a sunny location, solar panels’ costs make more sense for you than a homeowner whose home is in the shade. More sun translates to heightened solar power production and the biggest possible savings for you. But, your geographical location doesn’t tell the whole story. The orientation of your Texas home to the sun (south-facing is best) and the type of roof it has can affect its output from a solar perspective, and by extension, help you determine if solar panels are worth the investment.
What Incentives Do You Qualify For?
The federal government wants people to live greener lives and be less dependent on traditional energy sources. For this reason, it offers incentives for homeowners to help reimburse them for solar panels’ costs. A federal tax credit of 26% of the cost of the system’s installation is available for systems installed through December 31, 2022, according to Energy.gov. This solar tax credit reduces the amount of income tax owed by the qualifying homeowner dollar-for-dollar based on the solar system purchase price.
Reach out to Texas Solar Guys to discuss solar panels’ cost and find out how solar panel installation can save you money in the long run.