Picture this: your neighbour recently had solar panels installed, and they now keep bragging about their £12 electric bill. In the meantime, you’re still paying over £150 monthly, wondering whether it’s truly a good idea to invest in solar panels or if they are a home improvement that only sounds good on paper but doesn’t deliver on their promises. With energy costs going up and sustainability becoming more than just a buzzword, it’s not surprising that solar power is on many homeowners’ minds. The truth is, for many homeowners, installing solar panels makes a great deal of sense.
Obviously, that doesn’t mean it pays off for everyone. For example, if you’re already paying a low electricity price, there’s no reason why you would make this investment. On the other hand, if your electricity price is high and you can get a good price for solar, you should definitely consider it, as there are numerous advantages it can offer. But let’s break everything down below so you can make an informed decision.
Image source: https://unsplash.com/photos/black-and-white-solar-panels-0GbrjL3vZF4
What is the upfront investment for solar panels?
On average, solar panels cost around $16,600 to $20,50 for a 6.5 kW installation, representing standard mid-sized household needs. However, the cost can vary depending on the needs and size of other homes, and in some cases, it can be as high as $34,000. Typically, solar panels are considered low-maintenance and long-lasting, but it’s essential to keep in mind that you may encounter some recurring costs. For example, even if solar panels are designed with durability and longevity in mind, they still require routine cleaning and maintenance to function efficiently over time.
The annual maintenance costs can range from $140 to $180 on average, but may vary depending on your location, the size of the solar panel installation, and other factors. Furthermore, solar panels require monitoring of energy usage and verification of their status. Many companies incorporate this service alongside the solar panel installation, but if they do not, solar load controller monitors can cost between $140 and $180. Last but not least, solar panels are covered by long-term warranties that cover replacement and repair expenses in the event of any issues. It’s always essential to review the contract or fine print to understand the limitations of labor warranties.
Also, take the time to compare different quotes from renowned solar installers and be prepared to provide information about your home, such as energy usage patterns, roof type, and electrical needs, to ensure the quote is as accurate as possible. It’s imperative to choose reliable professionals for this job, as this will ensure a safe and long-lasting system, while providing warranty protection, so run a simple Google search for your own area and weigh the options available: for example, you can type solar installers cornwall and find a list of trusted experts that are tailored to your specific needs.
When is it worthwhile investing in solar panels?
Homeowners who have already installed solar panels over the past few years have vouched for them, saying that they are indeed a worthwhile investment. From a financial perspective, installing solar panels provides a 10% return on investment rate, which is valuable even if you don’t plan to stay in your home for a long time. More specifically, a standard 6kW system can offer cost savings of around $125 monthly in electricity costs.
The environmental benefits are also notable, as solar panels will reduce your reliance on the traditional energy grid and instead use energy directly from the sun. Unlike fossil fuels, which contribute to climate change, solar energy is a sustainable and clean source, helping you reduce your greenhouse gas emissions and create a healthier planet for future generations. Furthermore, they also safeguard your house in case of an outage or a natural disaster, as you can generate your own electricity and still run critical items such as medical equipment and refrigerators, even if your electricity goes out. This is particularly beneficial if you live somewhere with frequent power outages, as it prepares your home for unexpected emergencies.
When are solar panels not worth the investment?
Solar panels require a significant upfront investment, and while the costs can be recouped over time through energy bill savings, there are still instances where it’s not necessarily practical to make this investment. For example, some regions aren’t suited for solar panels – for example, heavily shaded homes or homes that experience more night sky and cloud conditions will not produce enough energy, and since solar panels are efficient thanks to sunlight, it’s likely not worth investing in them if this is the case for you. The same is true if your roof is too small – the average home needs between 15 and 20 solar panels, which can take between 250 and 350 square feet of roof space. Suppose the sunny portion of the roof doesn’t fit your panels properly; in this case, there’s a strong chance that your solar savings will be considerably lower than you expect them to be.
Also, there are many situations in which your electricity bill may be small, such as living in a small house, having an energy-efficient home and appliances, or enjoying low electricity rates from your local utility. If that’s the case for you, it’s not a good idea to invest in solar panels, because you may not be able to pay back the upfront investment very quickly. Instead, you could support solar power by subscribing to a community solar program, for instance, which will help offset your energy usage and save you a small amount on your bills, while also supporting renewable energy.
The bottom line
Installing solar panels can be a smart financial and environmental decision, but it’s worth noting that it’s not a one-size-fits-all solution. It is ideal for households with high electricity bills, plenty of sunlight, and the right roof space, but not so much for homes with already low energy costs or those that aren’t well-suited for solar panels due to their location. Ultimately, whether you should install it or not depends on your personal circumstances, but overall, going solar is more than just a home improvement – it helps secure financial savings, while also protecting the planet.