Are Solar Panels Worth The Money

The return on a solar investment depends on where you live your roof s features your electric rates and who installs your panels.

Are solar panels worth the money.

In the final analysis solar panels are not worth your money no doubt they re eco friendly but they can only be affordable by the upper class people who earn well. The government is effectively contributing nearly 1 3 of the price of your going solar. How much does the solar panel system cost. If you first need a solar panel system installed then that can cost anywhere from 2 000 to 12 000 depending on system size.

Inflation at 2 5 and a 5 discount rate. However it gets better. While cheap solar panels might feel like the easiest way to save some cash your total 20 year savings will often be higher if you invest in high quality equipment. Most households with storage units will opt for a 4kwh solar system which will cost around 6 000 to 8 000.

At the moment they re worth just under 40 per certificate typically you re looking at about 600 per kilowatt of solar system you add on. If you submitted an application for the scheme before 31 march 2017 you ll still get paid for generating electricity for the full 20 years. That s a pretty good deal courtesy of uncle sam. The average cost to install a system of solar panels is anywhere from 15 000 to 25 000.

Depending on the cost of installing solar panels it may no longer be worth it if you re thinking of getting them. The cost of solar panels can vary depending on the size and layout of your home as well as its location. As you can see there are many factors that go into determining if solar panels are worth it for your home. Installation prices will vary significantly depending on the solar company you choose and the equipment you install.

The federal government offers a tax credit of 30 of the cost of a qualifying solar pv installation. That means homeowners but not renters can subtract the credit from the federal income taxes they owe in effect reducing the price of their solar purchase by nearly one third. It s worth taking some time to review all of your equipment options and find the right combination of price and quality for your home. Details on the northern ireland renewables obligation can be found on ofgem s website.

If you want to know more about installing solar panels here s our guide. As you can see for most australians they can install solar and have the system pay for itself within 6 years. Assumed that 50 of solar energy is used by the home self consumption rate panels are tilted to the north at 30 pitch. Simple living and technology is where people nowadays are tending to.

However what makes solar panels worth it are the robust federal and state incentives. When you buy a solar panel system each will be rated to a certain number of certificates and each is worth a certain amount mr barnes explained.