Is Solar Panels A Good Investment

Now the average solar panel price is as little as 3 20 per watt before claiming any solar incentives.

Is solar panels a good investment.

For instance investing in the solar power sector is a great idea to multiply your money without any serious risk. The rising cost of electricity combined with the declining cost of solar panels and systems the last few years makes investing in solar energy a no brainer for homeowners. On average homeowners can expect to save around 1 400 a year on their bill after switching to solar. Incentives such as net metering federal solar tax credit state solar tax credits and utility.

While certain panels will have higher efficiency ratings than others investing in top of the line solar equipment doesn t always result in higher savings. Moreover companies involved in the production of green energy are getting relief from governments such as solar tax credit in the u s. Solar panels are attached to the roof of your house so you would need to stay in your current home for a long time to see any decent return. Going back a few years when solar was 5 a watt it made little economic sense to install solar.

However they are definitely a long term investment. How old is your roof. How much money you save depends on key factors however. Think 10 20 years depending on finances.

Solar panels have an expected life span of about 25 years. It will take trillions of dollars and many years to complete this conversion which makes solar energy a compelling opportunity for long term investors. Determining whether to install a pv solar system may seem like a daunting task but it is important to remember that such a system is a long term investment. Generally solar panels create enough energy to power your whole house.

The rapid decline in solar prices within the last 10 years has created the solar boom we know today. So are solar panels a good investment. Rebates low interest loans and grants may also be available. Solar is a good thing but it s complex and people really need to understand what they re getting into explore whether your state offers its own tax incentives.

With the declining initial solar panel installation cost increasing electricity bills and government backed solar incentives solar panel investment is definitely worth considering. Though a solar panel system is a substantial investment up front over time it can more than pay for itself.