As the price of gas and electricity continues to rise, many people consider installing solar panels in their homes with the hopes that they can save money while saving the environment as well. But those motivated by finances need to consider how much money, if any, they can actually save by installing solar panels on their homes or multi-tenet buildings. Given the nature of producing electricity from the sun, there is not an easy answer to this question. Those who are interested, however, can learn ways to determine whether installing solar panels makes financial sense for them.
The Up-Front Costs of Solar Panels
Solar panels cost quite a bit of money to install. A large system designed to power a whole house can cost as much as $20,000. These systems should, however, generate a good amount of energy from the sun for 25 to 30 years. If you can afford to make the investment, then solar panels could be right for you, especially when you consider that energy prices are just going to keep getting higher and higher during the upcoming decades. If you can’t afford the upfront cost, then you might be out of luck unless you can secure a loan to help you pay for the equipment and installation.
The More You Want, The More You Pay
Not all solar systems cost thousands of dollars. It mostly depends on the size of the system that you purchase. Veranda Solar is currently developing attractive solar panels that are small enough for urban dwellers to install on their apartment windows. The company plans to sell them for just a few hundred dollars each. Individual panels don’t produce a whole lot of power, but they are designed so that owners can continue adding to the system as they can afford more solar panels. This reduces the upfront costs and makes solar energy more affordable for everyone.
Can You Save Money with Solar Panels
Saving money with solar panels largely depends on where you live. Solar panels located in sunny areas produce more energy than those that are consistently cloudy. Someone in Seattle will therefore have a harder time saving money with solar panels than someone in L.A.
Saving money with solar panels also depends on how much your local utility company charges for gas and electricity. Prices can vary greatly from region to region, so it is impossible to make blanket statements about how much money individuals and multi-tenet property owners can save with solar panels. PVWATTS has a calculator that will help you determine how much electricity costs in your area and how much energy you can produce with solar panels. http://rredc.nrel.gov/solar/calculators/PVWATTS/version1/
It is an excellent source for those who want detailed information about solar power in specific areas.
Saving Money with Solar Power Government Rebates
The federal government currently offers a tax break for property owners that install solar panels. Many state and municipal governments also provide rebates that make solar panel installation more affordable. These benefits might not exist forever, so those who are thinking about using solar panels on their homes or multi-tenet buildings should consider making a decision soon to take advantage of the government’s offer.
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