Do Solar Panels Make Financial Sense

Finance

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A solar panel is a type of device that is designed to absorb the sun’s rays and convert them into energy that is typically used for heating and electricity. They are typically installed on the rooftops of houses, with the panels and cells coming in different shapes and sizes.

With saving the environment and “going green” becoming the new lifestyle for many homes, many people have converted to using solar panels to power their homes. However, change does not come easily for others and there are some who are skeptical of the benefits of solar energy that ask: do solar panels make financial sense?

Is Solar Power Worth It

The truth of the matter is that there are a lot of things that a person needs to consider before deciding that solar panels will be financially better for him. The factors that he needs to consider could be the following:

  • The type of home he lives in

More specifically, this refers to whether he owns his house or not. If he does own his house, then it’s easier to have solar panels installed. If he doesn’t, the only way he will be able to use solar energy is if he can convince his landlord to make the change.

  • How high the electric bill is each month

The payback period after installing the solar panels may take longer if the house does not have a large electric bill. The key to knowing if solar panels are appropriate for a person’s house and if his electric bills will not suffer is if he takes time to study and understand his bills each month. In connection to this, a person needs to consider his budget before installing solar panels, as, once again, the payback period may be devastating on his wallet.

  • The state of the home’s roof

The roof is the most common place that solar panels can be installed, so it only makes sense to check the structural integrity of the roof first. The material of the roof is also a factor that should be considered before mounting the panels, as roofs made of tile and steel tend to be more difficult to install them on and could add on costs.

Additionally, the pitch of the roof might also be a problem. Many roofs are built without thinking of solar panels so they could be oriented to the south or west, which is not optimal for solar panels. This also holds true for flat roofs.