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Is Going Solar A Financially Wise Decision
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Is Going Solar A Financially Wise Decision

With all the talk about going green, a lot of people are starting to look at solar power and the possibility of installing solar panels for their home energy use. But before you do this make sure you take steps to see if this is a financially wise decision for you.

First you want to document how much you spend to supply your current needs of electricity. The further back you can go the better with your electric bills. You can see how much you spend per kilowatt hour during the different times of the year, plus how often your electric company raises rates.

The bigger your bill the more you save

Obviously the bigger your yearly bill is the more cost benefit you will get by installing solar panels. But first add up what you spend in a year then see what it will cost to buy and install solar panels to replace the same amount of electricity you use.

Now once you know the amount of electricity you need to replace, and the cost you will need to invest in solar to replace it, I am sure that initial cost is going to be far greater than your yearly electric bill.

So now you have to figure out the savings per year you will get by installing solar panels times the amount of years it will take to pay off the money you spent to buy and install the solar panels.

When is the pay off?

For some folks this could be 10 or more years before they see a payoff for others it could be less. So you have to decide if this is financially feasible for your situation.

But here are a couple of things you can do to lesson the expense. First find out just how expensive it is in your area to buy and install the system. This can vary greatly depending on where you live.

Are there incentives?

Second see if your state is offering any incentives for going solar. Some states are offering tax savings that could be quite significant and lower the overall price of the project by a third or more.

Next check and see if there are any federal programs that are offering incentives for going solar, sometimes there could be both state and federal incentives that you can get that will make installing solar panels a very attractive option.

One last thing to consider is how it will affect the price of your home. A lot of people like the idea of not having an electric bill. This could be a big selling point when you show them how much they are going to save each year as soon as they move in.

The down side is some people don’t like the look of solar panels, and let’s face it for them to be of the best use they should be mounted on the roof angled to get the most sun through the day. If they happened to be position on the back side of the house where they are less visible, all the better.

Do it yourself

Finally if you really want to get away with cheapest cost for installing solar you can do it yourself. I know most people think they wouldn’t have the first clue on how to build solar panels, but home made energy is getting simpler all the time and you would be surprised just how easy it is.

With all the DIY guides out there, the list of people who have built and installed their own home made solar panels is growing fast. People have decided to become more self reliant these days and are doing a lot of things on their own to save money in all kinds of places.

So if you are planning on looking into solar power to help your financial situation follow the above tips and make sure you analyze all the costs and programs out there to give yourself the best chance to save money.

Street Talk

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