Although quite costly, determining whether solar panels should be installed on your roof, can come down to a few different factors. It can be a smart long-term investment, or you may not see any returns.
Whether you’re a new homeowner, or simply want to know more about saving more money when it comes to your roof, it is important to know all the facts before making a decision.
Here, at Aastro Roofing, we are experts in the field. We want to help guide you. Here’s what you should consider:
How much are you paying for electricity?
Your electricity bill may very well be the determining factor on whether you install solar panels. It may be a good idea to do a little math to figure out exactly how much you are saving. The electricity company charges per kilowatt-hour (kWh), which varies depending on where you live. In some areas, you can pay as little as eight cents per kWh, and in some 20 cents or even more.
Basically, solar panels would be most beneficial for homeowners with high electricity bills. When you choose solar panels, you replace standard power in your home, to a mini power plant that is installed on your roof. This drastically changes the amount of money you will spend on electricity bills every month.
How much does the solar panel system cost?
Installation prices will usually vary depending on the company you choose, and the equipment used. If you opt for cheaper solar panels, you may believe that it is saving you money, but it is better to invest in higher-quality equipment for the long-run.
It is important to familiarize yourself with all the solar panel options out there and to choose the one that fits best with your needs or financial standing. There are also ways to reduce the prices of these installations. You may be eligible for governmental incentives, such as the solar tax credit. These rebates or advantages were established in order to encourage customers to go solar.
Is your home a good candidate?
Although it would be great if every home was ideal for solar panels, not all are. To maximize what your solar panels can do, you will typically need to have a roof that is facing south. If your roof is facing west, or south-west, for example, it may still be reaping some of the benefits, but not to its greatest potential. Your roof should also normally be unshaded during sunlight hours.
How are you financing your solar panel system?
In either case that you choose to buy or lease the solar panels, it will have a great impact on your home’s long-term value. If you have a stable financial situation with enough to make a purchase in cash, you will be able to save the most money. While solar leases or agreements require zero money down, they come with a compromise–the total savings will be similar to 10 to 30 percent of your electricity bill.
Choosing to go solar is not an easy decision, and it is important to consider all the factors before going all in. If you do decide that this is the right option for you, make sure that you are applying for potential benefits or rebates in order to reduce costs.