Roof Solar Panels: When Can You Expect a Return on Your Investment?

One of the most important factors for homeowners considering solar power is how soon they will get their investment back. Are solar panels a good investment? Will investing in solar power be good for the environment and for the homeowner? How can the homeowner finance solar power panel installation? Every homeowner considering changing to solar power should do their due diligence, talk to several solar companies, and research the various solar panels or shingles available.

People In Pennsylvania Have Choices That Matter

Primo roofing and solar and other companies are vying for customers who want to add solar power to their homes. The most popular ways to add solar power are with solar roof panels and the newer solar shingles that are combined with more traditional shingles. People in the tri-state area including Pennsylvania can look at online maps to find their homes and determine if solar installation service is available for them.

Since there are numerous solar installation companies that serve Pennsylvania, it is important to check out several companies and determine long they have been in business. Check out their online customer satisfaction ratings. Ask each company what their return on investment rates are, and check the features offered by each company.

How Long Do Solar Panels Take To Pay for Themselves?

Although many homeowners are changing to solar power to be good for the environment regardless of their return on investment, it is important to control the long-term costs. Knowing what the average return on investment is for each product will help homeowners help the environment and reduce energy costs.

Some people are more concerned with reducing energy costs in the long term. But, to save money in the long run, homeowners must make a substantial investment in solar equipment and solar equipment installation. The goal, in the end, is to make a positive difference for the planet and save money on electric bills.

Determining the ROI, or return on investment, for new solar panels may differ from area to area and state to state. It may also depend on how much sun the individual houses get each day. The homeowner will need some help from solar experts to determine what their ROI will be. Another comparison homeowners need to make is the comparison of solar power to getting power from the utility company.

To calculate a payback period for solar for an individual home, take the total system price and divide it by the anticipated solar savings for each year. For example, if the system costs $15,000, and the savings every year will be approximately $1,200, the payback time will be around 13 years give or take a few months. After the payback time, a homeowner will be getting basically free energy for the 25 years or so the solar panels will last. Solar panels come with a 25-year warranty. If those panels last longer, the payback is even better. The average solar payback is between 10 and 15 years.

Other Ways Solar Panels Earn Their Keep

There are more considerations for adding solar energy by installing solar roof panels. Renewable energy specialists estimate the average home that adds solar panels will see its home value increase by about $20 for every dollar of energy savings. Solar panels enable the homeowner to have unlimited renewable energy without the high cost. They lower their carbon footprint, which is important for the planet's future.

Many states have solar programs like tax breaks and other incentives to encourage people to install solar power. If a homeowner has good sunlight exposure and takes advantage of their state's solar incentives, their return on investment can come even sooner.

After doing a little research and finding a dependable solar company, the homeowner can decide on the best form of solar to have installed and how to see the best return on their investments.

 

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