Are you considering installing solar panels in your home? It’s a big investment.
You want to make decisions that support the environment. For many homeowners, installing solar panels is considered a smart long-term investment.
How will you know if it’s the right decision for you? How long do solar panels last? What are other costs over the solar panel lifespan?
Here are some factors to consider when making your decision.
How Long Do Solar Panels Last?
Solar panels have an average life of about 25 years. They slowly lose their ability to charge over time. They’re very durable and have no moving parts.
As panels are replaced, they will have to be disposed of. That will pose an interesting new challenge to the industry.
What Is the Cost of Solar Panel Installation?
When you are buying solar panels be sure to include installation costs. Ask the installer for a quote. Be sure to ask any questions you might have. Consider the lifespan of solar panels.
Insurance rates may change if your solar panel is mounted on the roof of your home. Be sure that your solar panels come with a manufacturers’ warranty.
Maintenance and cleaning costs will be ongoing. There will be extra costs to landscape around footings if your solar panels are mounted on the ground. Another question to ask is how long do solar panels last?
While these hidden costs are something to plan for, they shouldn’t stop you from considering going solar.
Rebates or Incentives Can Reduce Your Costs
Do a bit of research to see what is available in your area.
The US federal government currently offers a solar investment tax credit. When you file your taxes, they reduce the amount you owe by 26 percent of your solar panel cost.
Other tax credits may be available, depending on the state you live in. Information is available online at sites such as blueravensolar.com/blog/are-solar-panels-worth-it/.
There are various cash rebates up for grabs as well. These depend on the state, municipal, and utility company offerings at the time of your purchase.
You may be able to generate extra solar power and sell it back to your utility company.
In some states, your solar panels create solar renewable energy certificates that can be sold back to the utility company. Some utility companies have performance-based incentive programs (PBI).
Consider Financing Costs
In some areas, there are state or non-governmental organizational loan programs. Your home solar panel loan may be subsidized. These programs are often offered for a limited time so you need to pay attention. The subsidy is often a reduction in the amount of interest you will owe.
Take the Time to Crunch the Numbers
Your solar panel investment is a big decision that could pay off in the long term. It’s important to weigh the costs against future savings. Ask yourself how long do solar panels last?
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