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Why Solar Makes Sense Financially

Electricity costs are rising, and it’s causing many homeowners to look outside of traditional sources for the energy they need to fuel their lives. You’ve probably heard a lot about solar panels and solar energy since the government extended the solar credit incentive. You could be left wondering: ”Would solar make sense for me?” There are plenty of ins and outs to this discussion, but we’re going to keep things simple. Let’s talk about solar and outline some reasons why it could be a solid investment.



Is Solar Panel Installation Right For Your Home?


Solar energy could be a good investment for your home if you…


…have a high utility bill

…live in a prime location

…qualify for tax breaks or other savings


If you’re into energy independence and environmentally friendly lifestyle choices, then adding solar power to your home could sound like a no-brainer (we’re right there with you!). But every action has a reaction, and it’s a good idea to know what you’ll be getting into if you decide to go for solar. Things like:


  • overall cost of a solar power system

  • amount of energy it will produce (and the value of that energy)

  • length of time it will take to recover costs and save on energy


Much like fingerprints and family recipes, every home is unique and every homeowner will need to factor in these distinct characteristics when determining if solar is a viable option.


Good news all around is that recently the government extended energy incentives, so that any homeowner who opts for solar energy can recoup about 30% of installation costs, through the end of 2032!


 

Considering Costs


As is true with just about any project you undertake, costs can vary widely. The average amount you can expect to spend upfront for new residential solar panel installation in Ohio will depend on factors like the size of your system, the type of panels you choose, and whether you opt for battery backup. Labor and additional equipment, like the inverter, metering supplies, and housing components will also factor in. But you don’t need to worry about the details. Our solar energy experts will visit your home to see what they are working with. They’ll chat with you to learn your goals and then work up a quote with recommendations of which solar system would work best for you in your setting.


And we aren’t afraid of the truth. If your home’s location doesn’t lend itself to solar panel installation, we’re upfront about it. Solar is an investment, but it most often pays off, longterm. If we see any reason that it wouldn’t benefit you financially, we will definitely share that with you. This is your decision, but we’re here to help every step of the way and happy to steer you in the right direction.


Eventual maintenance will be needed to keep the solar panels clean and running efficiently, and after several years of continual use, some components will likely need to be replaced. The solar energy experts at Solar Connection can help with all of the above.


Typical lifespan for solar panel components:


  • solar batteries – 5 to 25 years, depending on battery type, installation, depth of discharge, cycle life, environment and maintenance

  • solar panels – 25-40 years, depending on materials, manufacturing, and maintenance

  • inverters – about 10-15 years, due to components that naturally age more rapidly from electro-mechanical wear


Most of the costs associated with owning solar panels are tied up in the initial installation. Over time, the money you save on utility bills and the power you generate that can be sold back to the electricity company can make up for the expense.


 

How Much Power Do You Need?


Two central parts of deciding on the right solar panel system to install at your home are 1) knowing how much power your family typically uses, and 2) understanding potential energy output. Our solar energy experts will handle all of the necessary calculations to ensure that you don’t end up with a system that is too much or too little for your needs. We can use your usage history to get an average of electricity needs.


Once we know how much electricity your family requires to keep life moving, we’ll take a look at some other major factors to determine the best solar panel system for your home:


Weather and Location: Every spot in the nation will have variable levels of sun intensity throughout each day, week, month, and year. We can monitor your property’s sun exposure to find the ideal place to install solar panels.


Directional Orientation: We will ensure that your roof faces in the correct direction and has no obstruction from trees or surrounding structures. If you don’t have a south-facing roof and you’re still interested in solar, we can work with you to devise an alternative installation option elsewhere on your property.


System Size: Since actual electrical output potential from your solar panels will vary based on a number of factors, we’ll ensure that we plan for a system that can handle your family’s needs while still being responsive to local variables.


Deciding on whether a residential solar panel system makes financial sense for you will be easier once you nail down upfront cost, expected energy production, and the typical cost of energy in your area. The solar energy experts at Solar Connection are here to make the process streamlined and simple.


 

Is Solar Power Worth It?


Perhaps what this question is really asking is: How soon will I see a return on my investment in solar panels? The answer is, that depends. Here’s some simple computing to get you started.


  • First, start with the total cost to install solar panels.

  • Then subtract the sum of any available rebates, incentives, or tax credits.

  • Now that you have the net cost of your solar system, you need to find how much electricity you use to know how much you stand to save for each year of use.

  • Once you know that number, you can divide the net cost of the solar system by your expected annual electricity savings.

  • That will give you the rough timeline of when your solar system will begin to pay for itself.


For example, if your system costs $20,000 after tax credits, and you think you’ll save about $2,000/year on electricity costs, you’ll be looking at a system that should pay for itself after about 10 years. If your locale is super sunny and you currently pay a high electricity bill every month, then that number could be lower. Either way, it’s an investment in the future of your home, your family, and the environment.


Even if you aren’t planning to stay in your current home long term, if you install the panels now, reap the rewards in just a few years and then sell, you can bet that having a functioning solar system in place will increase property value. Some estimates put the value shift as high as a $20 increase for every $1 saved on your utility bills. That could be a serious benefit to your bottom line. Solar Connection specialists are here to help you navigate the calculations.


 

The Bottom Line on Solar


In the end, it’s up to each individual homeowner and family to decide if solar is a financially sound decision for them. If circumstances are right, solar panels can most definitely save you money and reduce your reliance on utility providers. Apart from knowing that you’re doing your bit for the environment, you will immediately reap savings on your electricity bill, and you’ll eventually see a healthy return on your investment. It’s truly not a matter of “if,” but “when.”



Solar technology has increased drastically over the past few decades, and with current tax incentives in place, there’s no better time to think about installing solar panels on your home. Once you’ve decided that you’re ready to move forward, give the solar energy experts at Solar Connection a call to set up your free consultation. We’ll give you an upfront quote and work with you to find the ideal solar panel system for your needs.


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