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Originally Posted On: https://thehearup.com/5-things-you-should-know-about-solar-panels/23774/
Are you scared to look at your energy bills? It’s been a tough summer for businesses and consumers alike due to rising fuel costs.
The winter outlook doesn’t look much better. Costs for homeowners who have electric heat will pay 10% more. Homes with natural gas and heating oil will pay 28% and 27% more, respectively.
It’s possible to reduce those costs by investing in solar panels. Solar panels have become more affordable than just 10 years ago.
It could make sense for you and you could end up saving a lot in energy costs. Don’t get too excited, though. There are a lot of things to know before getting solar panels installed.
Read on to discover the most important things to know before buying solar panels.
1. Your Home Might Not Be a Good Fit
You’d think that because you’re willing to pay for solar panels, it’s a great time to have a solar panel installation.
Your home might not be a good fit for solar panels. It all depends on the condition of the roof and the orientation of the home.
Solar panels are heavy and they work best when they’re facing the sun. A roof that faces north instead of south isn’t a good candidate for solar panels.
Your roof needs to have enough space and be strong enough to bear the weight of solar panels.
The roof has to be at the right angle for solar panels, too. A roof that’s too flat or too steep won’t do.
How can you be certain that your home’s a good candidate for installing solar panels? Contact a solar panel installation company and get an evaluation.
2. Calculate ROI and Maintenance Costs
Is it worth it to get solar panels installed? It depends on a number of factors. The solar system that you choose might be less efficient because you chose the wrong one for your needs.
It also depends on your current energy usage and how your needs change over the years.
You can do a basic calculation to find out how long it takes for the solar panels to pay for themselves. Most estimates say that it takes between five and seven years to see a return on investment.
Don’t forget about maintenance costs, either. Solar panels collect dust and debris during the year. They become less effective if you don’t maintain them.
Federal, state, and local governments offer incentives to install solar panels. The federal government offers a 30% tax credit for installations between 2022 and 2032.
3. Solar Panels Don’t Need Direct Sun
One of the misconceptions about solar panels is that you have to live in a sunny location to reap the benefits.
While it’s true that they’re more effective with direct sunlight, they still work perfectly fine with indirect sunlight. You can install solar panels anywhere in the country as long as your home fits the requirements.
4. You Need a Competent Installation Company
There are more solar companies now that we’re in the middle of a solar boom. That doesn’t make it easy to find the best installation company in your area.
Check the licensing requirements in your state and ask potential installers if they meet the requirements.
Read reviews and testimonials online and get recommendations from people you know and trust.
Have a few installation companies review your situation and give you an estimate. Consider what types of manufacturers they work with and what kind of warranties they provide.
5. Financing Options for Solar Panels
Despite the lower costs and tax incentives to install solar panels, it still requires an upfront payment to complete the solar installation.
If you’re like most people, you probably don’t have thousands of dollars available to invest in solar panels.
That’s why financing can seem like a good option. You do need to know how certain types of financing work because you could get stuck in a bad situation.
A solar panel or personal loan is your second-best option. You’ll pay interest on the loan and increase your overall installation costs.
On the other side, you still own the solar panels outright and make fixed installment payments each month.
Power purchase agreements and leases are other ways to finance a solar panel installation. You agree to have solar panels installed at your home.
You don’t own the solar panels. They’re owned by a third-party company. You agree to pay a set rate for electricity for the duration of the contract, which is between 20-25 years.
It might seem like a great deal at first, but there are two pitfalls. The first is that you don’t own the solar panels, so you can’t claim tax credits on the installation.
Leases and power purchase agreements may limit you if you decide to sell your home. Since you don’t own the solar panels, you may have to get permission from the third-party company to sell the home.
They may require you to transfer the agreement to the new homeowner or you have to pay for the solar panels to own them.
Find out the details of the agreement and ask about these possibilities before you finance the solar panel installation.
Does a Solar Installation Make Sense?
It’s a great time to consider installing solar panels because the costs continue to decline and energy costs keep going up.
That doesn’t mean that a solar panel installation is a slam dunk. You just learned that you have a lot to think about before moving forward with solar panels.
Calculate the ROI, find out if your home’s a good fit, and find a qualified and experienced installation company. Consider your financing options and know the pros and cons of each.
You’ll figure out if solar panels are right for you. Want to hear more valuable home tips? Check out the other articles on the blog today!
