Solar Panels: Are They Worth The Personal Investment?

Residential solar panels are growing in popularity across the country. According to Daily Infographic, solar panel installations increased by 43% in 2020 alone. This means that residences with solar panels now number around two million. That said, given the initial installation and lifetime maintenance costs associated with solar panels, many are still understandably hesitant to put their money into this endeavor. While it may seem like solar panels are better suited for businesses with more cash to spare, evidence suggests that solar panels are an equally rewarding personal investment. Here’s why:

Solar creates cost-effective energy

One of the biggest reasons why many choose to invest in solar panels is their cost-efficiency. Hoymiles outlines that solar panels offer a free and reliable source of clean energy that is protected from firm markups or grid shortages. What’s more, since solar panels can create a surplus of energy, households can even store their excess for later. This creates energy independence, which further shaves off monthly energy bills. Depending on the solar panel system and energy consumption, households can save up to $1,300 a year. As an added bonus, since many state governments are supportive of the switch to solar panels, many offer users distinct advantages. This can include tax credits, installation rebates, or even payments for any power sold back to the grid.

Solar can increase property value

According to real estate analysts, many buyers today value two relevant features: clean energy and smart technology. Consequently, properties with solar panels today are found to sell up to 20% faster while also selling for more. In research published by Zillow, it was found that houses with eco-friendly assets can be worth up to 4.1% more than their counterparts. In states like New Jersey, the solar premium can even bump up property value by almost 10%. Now couple that with smart home accessories like those we listed in “The Best Smart Locks”, and your property can be sold for an even higher asking price. Aside from the additional value that solar panels already add, surveys reveal that homebuyers are willing to pay nearly 80% more for houses with smart tech, too.

Solar improves ecological wellness

Today, everyone is responsible for taking care of our environment. For individuals, one of the easiest and most effective ways to do so is by reducing carbon footprint. With solar panels, the average household’s emissions can be up to 18 times lower. This is in comparison to other households that use traditional energy sources that create about 8 tons of carbon dioxide emissions annually. Thus, for those who consider ecological wellness as an important aspect, installing solar panels is a worthy investment in a greener future. For what it’s worth, embracing green technologies like solar panels is also a great way to future-proof property. After all, new mandates (like that in California) require that certain properties must have solar panels. Many believe that pretty soon, every structure will be required to use energy sources lest they get fined or deemed outdated.

Should everyone invest in solar panels?

As illustrated by the points listed above, solar panels do offer a lot of exciting immediate and long-term incentives. That said, for some people, it may be better to temporarily hold off on getting solar panels. This is because recent reports such as those on Bloomberg revealed that the costs of solar panels have jumped due to supply chain issues. This is in comparison to the past few years when solar panel costs dropped by almost 60%. As a result of this, while the average cost for solar panel installation was around $16,000 to $21,000 in the last two years, it may rise by around 18% in 2022. As such, for those on a tighter budget or who are still yet to settle down, solar panels may be better rolled out later on. However, for those with more padded finances, solar panels are a wise and broadly beneficial investment. Down the line, given solar energy’s many perks, solar panels are a technology that everyone should consider for a comfortable and secure future.