Will Installing Solar Panels on Roof Cut My Energy Bills?
Everyone knows that global warming has been at top of the minds of scientists and climate experts alike over the last few years. As carbon emissions continue to grow, the world continues to careen dangerously closer to an over-warm future.
Consequently, renewable forms of energy have taken the spotlight in recent years. Abandoning fossil fuels and their terrible environmental footprint is an attractive proposition for all. If you try installing solar panels on the roof then you will likely also experience another benefit: significant savings in electrical costs.
If you’re interested in finding out exactly how much you can expect to save, then you’re in the right place. In this article, we’re going to take some time to break down how much money you can expect to save with a solar panel installation, and whether or not an installation of this nature is worth it for your property.
How Much Do Solar Panels Save?
When it comes to figuring out exactly how much money solar panels will save, you need to first have a better idea of how much money you’re spending on electrical power right now. The first thing to consider is your location.
If you’re looking for Frisco solar panels, then first look at Frisco electrical costs. The average homeowner pays around $122/month in Frisco, which rounds up to approximately $1,500 every single year.
When you install solar near you, your need to pay that bill will essentially disappear. Consequently, your savings for each additional year you have solar energy hooked up to your property will be in the range of $1,500.
Is the Cost of Installing Solar Panels on Roof Worth It?
$1,500 in additional savings every year sounds all well and good. But it’s also important to answer the following question: how much does it cost to install solar panels? That tells us if there is ROI on the home improvement project or not.
Solar panel installations can range from $15,000 to $20,000 for your home, depending on the total amount of kiloWatt-hours you need. However, there are several things to consider here.
Firstly, you will be eligible to get a federal tax credit on the cost of your installation, up to 26% of the total cost. So that’s about four to five grand that you’ll get back on the cost.
In addition, having solar panels installed on your property will also drive your property value up. Solar panel installations generally last for around 15-20 years. Suffice to say that the installation cost is generally very justifiable when you look at the long-term ROI.
Install Solar Today
There you have it. Now that you know how much installing solar panels on roof will save and cost, you should have a far better understanding of whether or not it makes sense to incorporate this technology in your home. Hopefully, you can start helping the world become more environmentally responsible with the way that you generate electrical power for your home!
For more home improvement advice, check out the rest of the articles available on our website before you leave!