Solar Panels; Are they worth it?
The answer to whether or not solar panels are right for you depends on factors like where you live, how much roof space you have, if your roof is shaded, etc. Homeowners have various options, some of which don’t require any upfront payment. Below we're breaking down 5 questions to help you better understand solar panels and whether they might be beneficial for your home.
Some Questions to Ask Yourself...
1. Is your roof suitable for solar panels?
There are many factors that determine if your roof is suitable for solar panels which include the size of the roof, the direction it faces and whether or not it is shaded during the day. Of course, you also need to make sure that your roof is in good condition and is not in need of replacing in the near future.
2. How much do solar panels cost?
The cost of solar panels vary between brands and companies. There are plenty of tools available online to research the cost for your specific property such as this SOLAR CALCULATOR. Factors to consider are the system size you'll need (depending on how much energy you're currently using), they type of panels, and the number of panels you'll need. According to SolarReviews.com, the cost of a 5kW system in Massachusetts is averaged at $11,574 (after tax credit).
3. How long do they last?
The average warranty for solar panels is around 25 years however this does not mean that panels won't last longer than that.
4. Buy or Lease?
When your deciding whether to purchase or lease solar panels, there are certain factors that will help you make the best decision.
When purchasing solar panels, you own the system and therefore are responsible for the maintenance. Although the responsibility falls on you, solar panel systems come with a warranty and are durable. As the owner, you will also benefit from tax credits.
If you choose to lease a solar panel system, you will not qualify for any of the tax credit benefits. You can benefit from leasing by getting a system with little to no money down however, the solar company you choose to lease through will still own the panels and handle any maintenance.
Before making a decision, it is best to seek the advice of solar professionals to learn all about the nitty gritty details of purchasing vs. leasing!
5. Are they worth it?
Although the pricing structure and upfront costs can seem overwhelming, in the long run solar panels will save you money! They help lower the costs due to local utility companies all while helping the environment too!