If you've been wondering how you can cut back on energy expenses, one option that more homeowners are choosing is installing solar panels. The sun is a powerful source of energy and savings, providing an affordable and environmentally-friendly solution for your energy needs.
Weigh these six considerations to determine whether solar energy is a viable option for your home.
1. Solar can mean savings
One of the most important aspects to consider before investing in solar energy is how much money your family can save. According to Energy Informative, recent studies have shown that homeowners in many states are able to reduce their electricity expenses by more than $100 per month when they switch to solar power. Other sources suggest that you may be able to cut your energy bills in half with properly sized panels and optimal sun exposure. Depending on how much you pay for electricity each month, these savings can quickly add up and amount to significant cash in your pocket.
2. You can buy or lease panels
When it comes to purchasing the equipment, you can either buy or lease solar panels. Consumer Reports noted that there are pros and cons to each method, and you'll have to do some research to figure out which is right for your needs. It generally costs between $10,000 and $50,000 to purchase solar energy equipment. If you choose to lease the panels, these upfront costs will be lower (though you'll likely have to sign a multi-year contract).
3. The condition of your home plays a part
Since solar panels will likely be installed on your roof, it's essential that the structure is in prime condition. If your roof is old or in bad shape, you may need to give it a facelift before purchasing solar panels. And let’s be honest, that will likely increase your overall costs significantly. SolarEnergy.net explained that certain types of roofs, such as Spanish tiles or shake, can increase panel installation costs up to 25 percent, so be sure to get a professional estimate before you start your project.
4. You'll probably need more insurance
If you're purchasing this expensive equipment, it's imperative that you protect it. Your insurance provider can talk you through extending your coverage to include solar panels and supplementary equipment.
5. The energy is intermittent
While solar power can save you ample money, it’s not always a sure thing. Energy Informative explained that solar power is intermittent depending on the daily weather conditions. So on rainy or overcast days, your solar panels likely won’t be able to harness enough energy to power your home. Which means you’ll also need to rely on the electric company for power at night.
6. It’s eco-friendly
In addition to cutting back on your utility bills, solar energy can seriously reduce your environmental footprint. There’s only minimal pollution associated with it, and it comes from the manufacturing and transportation processes - not your usage. Which means your one-time investment in solar energy leads to a full-time contribution to an environmentally friendly solution.
Whether or not you choose to invest in solar energy, it’s important to know how it affects the way you run your home. And at Cinch Home Services, we’re dedicated to helping you run it smoothly, no matter what.
The information in this article is intended to provide guidance on the proper maintenance and care of systems and appliances in the home. Not all of the topics mentioned are covered by our home warranty or maintenance plans. Please review your home warranty contract carefully to understand your coverage.