Does It Make Financial Sense To Install Solar Panels

New technology has sent prices plummeting more than 60 in the past several years.

Does it make financial sense to install solar panels.

Photovoltaic pv solar technology has been around since the 1950s but thanks to declining solar module prices it has only been considered a financially viable technology for widespread use. You can power the forthcoming electric cars using the sun and solar panels on your roof. Solar panels for your business will allow you to save thousands of kg of co2 and advertise low carbon products. Lower energy production means your installation will take longer to pay itself off lowering your roi and increasing the amount of time it takes to make your money back.

That means homeowners but not renters can subtract the credit from the federal income taxes they owe in effect reducing the price of their solar purchase by nearly one third. Installing solar panels is a money saving investment. Assuming that your home business or property is a good fit for solar based on sun exposure and shading the next most important question is whether it is a good financial investment. Take ted and denise for instance.

Residential photovoltaic systems the type of solar panels that produce electricity could cost more than 50 000 a decade ago. There are so many additional benefits alongside the fantastic financial returns that can add value to any business in any sector. Solar systems are coming to the normal joe s and that is happening because they do make financial sense now. How much does the solar panel system cost.

One of the biggest advantages of installing residential solar panels is a 30 federal tax credit on the total cost of a system. While cheap solar panels might feel like the easiest way to save some cash your total 20 year savings will often be higher if you invest in high quality equipment. In most cases that has very little to do with the total price of the solar power system and more to do with price of electricity and financing options. Because of the improved technologies like the enphase microinverters and the complete bundled kits a solar install is now in the reach of most people in the united states.

Installation prices will vary significantly depending on the solar company you choose and the equipment you install.