Money Wise Factors to Install Solar Panels at Your Home Today

There is absolutely no need for families to rely on fossil fuels for home electricity anymore because the fossil fuels are either too harmful to the environment (i.e., global warming), prices for electricity continue to rise each year, or the fuel used to generate electricity is present in limited quantities on our planet. The best alternative way of pulling power for home from the local power company is a solar energy system. A properly designed solar system will meet a family’s electricity needs in a very economical way.

Power grid-connected solar systems are the best option for electricity for families. However, if a home’s solar panels aren’t generating as much power as a home requires (this is not very likely or typical), they can import electricity from the local power company for a very small amount of money per month. However, if the power generated is more than required, they can export the additional power of their system to the local power company, and in some cases, they’ll be paid for the excess power in return.

The use of renewable energy is beneficial in many ways, which is why the government offers subsidies to such users. A family relying on an 8.5kW solar system can save no less than 70% of the amount on capital investment, which is too much if we compare the price of electricity taken from the grid.

According to the recent statistics from 2021 about solar power, people are more and more attracted to installation of solar panels, a very positive sign. The reason is solar prices are decreasing year over year and in some instances, day by day, allowing people to choose a cleaner source of energy. Both Federal and State governments are offering tax subsidies, which only supports the affordability and general incentive to go solar.

Is Solar Power Beneficial in terms of Personal Finances?

Solar is not for everyone.  Benefit to your personal finance depends on your system size and requirements,  number of sunshine hours each day, tilt angle of your solar panels, as well as their direction. If the panels are not receiving the required sunlight, they won’t produce as much power as designed. Some of these factors, partnered by a knowledgeable solar consultant, will help you decide if solar is going to be beneficial for your financial terms.