Solar panels: natural energy with great savings
Renewable energy has been rapidly growing in popularity across America for the past few years, but the lingering question regarding solar power installation is, is it worth it? With the increase in demand and solar power’s rising popularity, there is a lot to think about especially when weighing out if the initial investment is worth the savings over time. Before joining the solar trend, let’s dig into some facts.
How much are you currently paying for energy?
This can be a true defining factor for anyone who is considering to go solar. But before jumping into a large investment, figure out how much power you’re using and much it costs you each year. Power is measured in kilowatt hours or kWh and rates will vary depending upon your location and your provider. When you receive your bill from the power company, you can see how much power you use on average and the total cost per kWh.
Benefits of using solar energy
Using renewable energy is not only great for the environment but can also cut down your overall energy costs. There are many benefits beyond being environmentally friendly, including:
- Reduced energy bills. Meaning, the amount of power you draw from your power company will be significantly lowered when the majority of your energy will be fueled by the sun.
- Low maintenance. Solar energy doesn’t require much upkeep other than simply keeping them clean. A dirty panel won’t produce as much power as a clean one so cleaning them a few times a year will ensure that you have as much solar production as possible. You can always have a professional help you out if you’re unsure if something is not working properly.
- Tax credit. Currently, in the United States, you can receive a 30% tax credit on the cost to install your solar system.
- Increased home value. Installing solar energy sources in your home can be a huge selling point for future buyers. Especially if the system is already paid off. Buyers can start receiving benefits right away with an existing solar energy system already in place and working.
Costs of solar panel installation
According to Solar Power Authority, the average cost for a standard solar system is anywhere from $25,000 to $30,000. This includes the panels that are used to capture the energy and turn it into usable electricity, the controller which will protect the energy flow to the batteries and the batteries themselves, which harness the energy to be used during gaps in solar production. You’d also receive an inverter which converts the energy stored in the batteries to run the power that your home usually uses.
Other things to consider with solar panels
Something to also keep in mind when converting to solar is that power from the sun is not always out and shining. Take into consideration that night time and dreary weather can damper your power form the panels. With newer technology though, you can still capture power from the sun during cloudy days, but it will still not be as great as the sun brightly shining.
Financing solar installation
Most solar companies also have a financing program that can span from 5 to 10 years so that you don’t have to drop all of your savings at one time, but if you’re looking for a personal loan alternative, LendingPoint is here to help.
LendingPoint is a personal loan provider specializing in NearPrime consumers. Typically, NearPrime consumers are people with credit scores in the 600s. If this is you, we’d love to talk to you about how we might be able to help you meet your financial goals. We offer loans from $2,000 to $25,000 with terms from 24 to 48 months, all with fixed payments and simple interest.