As more people are made aware of the need for sustainable energy, the popularity of solar power is becoming more prevalent across the country. In fact, according to the Solar Energy Industries Association, solar has experienced an average annual growth rate of 33% in the last decade alone. There are presently over 130 gigawatts of solar capacity installed nationwide, which is enough to power 23 million homes!
As you can see, many Americans are taking advantage of this green energy alternative, however, switching to solar can be an intimidating process for the uninformed consumer. Luckily, the experts at Elite Exteriors are here to answer all of your solar industry inquiries, so you can make an educated decision on how to source your energy. So, are solar panels really worth it? Check out the pros and cons of going solar in 2023 listed below, and discover if you are the perfect candidate for a solar panel home installation.
Table of Contents
– Are Solar Panels Really Worth It? The Pros
– Return on Investment
– Eco-Friendly
– Increased Home Value
– Longevity and Low Maintenance
– Are Solar Panels Really Worth It? The Cons
– May Not Work for Every Home
– Weather Dependent
– High Initial Cost
– Can’t Move with You
– Are Solar Panels Really Worth It, and Are They Right for Me?
Are Solar Panels Really Worth It? The Pros
Solar energy is a game changer for many property owners, providing a multitude of benefits. From adding more value to your home or business, to leaving a positive impact on the environment, it’s easy to see why so many people are choosing this green energy source. But are solar panels really worth it? Keep reading and discover some of the top advantages of switching to solar.
Return on Investment
When it comes down to it, consumers want to be sure they are making a smart financial decision. One of the most important pros to consider when it comes to answering the question, “Are Solar Panels Really Worth It,” is its return on investment. And this shows up in more ways than one!
Installing solar panels is a great way to save money on electricity bills, as you would be generating your own electricity, relying less on utility companies. Additionally, the cost of solar has decreased in the past decade by more than 70 percent, while the cost of electricity continues to rise. According to a recent article by Consumer Affairs, you can save anywhere from $10,000 to $30,000 over a 20-year period by switching to solar. Solar energy can also be sold back to the grid, which means you can potentially make money while you save money!
Another way to save by going solar is through the Federal Solar Tax Credit, also known as the Residential Clean Energy Credit. Most Florida residents will qualify for this, allowing eligible homeowners to deduct up to 30% of their solar panel installation costs from their federal income taxes. This credit is designed to encourage investment in solar installation, stimulating the solar industry as a whole.
Most Florida homeowners will also be eligible for net metering upon solar panel installation, which is a unique way to earn credit towards your electricity bill. So, when your solar panels produce more electricity than you consume, the extra energy is sent to the grid, powering other businesses and nearby homes. This reduces the amount of electricity utility companies need to produce, and, in turn, you are compensated via bill credits.
And this works both ways! When you need more electricity than your solar panels can create, your energy will then come from the grid. Your utility provider will charge you for how much electricity you use, minus any bill credits you’ve previously received. At the end of the month, you will only be charged for net usage, which is the difference between the amount of electricity your solar panels have produced and the electricity you’ve consumed.
Many Florida utility companies offer 1:1 net metering, as well, which means the amount of electricity you consume and your bill credits have the same value. This is true for the following utility providers:
- Florida Power & Light
- Tampa Electric
- Gulf Power
- Duke Energy
Florida is also one of several states that provides a 100% property tax exemption for residential solar panels. This is a huge benefit, because even if the value of your home increases, you won’t pay additional property taxes. Florida law exempts solar from its sales and use tax, as well, for even more savings! The Database of State Incentives for Renewables & Efficiency is also a great tool to unlock even more utility rebates in your area.
Eco-Friendly
So, are solar panels really worth it? When it comes to ROI, the answer is YES! But another important benefit to consider is how environmentally-friendly going solar is. Solar energy is one of the top eco-friendly energy solutions, and can help reduce carbon dioxide and other dangerous gas emissions, which can negatively impact the environment.
The energy produced from solar panels is clean and pollutant-free, emitting zero greenhouse gasses. A recent article from Consumer Affairs states that the average home in America emits 14,920 pounds of carbon dioxide each and every year. By installing solar panels, however, you can reduce your carbon footprint by over 3,000 pounds per year!
Not only that, going solar means energy independence. The sun is a reliable source of energy, especially in Florida, which boasts an average of 237 days of sunshine per year. Using solar energy means less dependence on fossil fuels and oil, leading to a more consistent energy bill, especially in times when energy is in high demand.
Increased Home Value
If you’re still wondering if solar panels are really worth it, let’s discuss home value. Solar panel installation has been proven to increase the value of your home. In fact, an article from Zillow explains that homes with solar panels actually sell for 4.1% more than homes without solar panels.
Even further, over 80% of those in the market for a new home claim that energy efficiency is important to them. This is significant when it comes time to sell, as your home will be more desirable to buyers with environmentally-friendly solar panels installed. So, not only will it be easier to find a buyer, but you will be able to get top-dollar for your home, as well.
Longevity and Low Maintenance
When choosing Elite Exteriors for your solar panel needs, you can rest assured that the installation process will be a breeze. And the great thing about solar panels is that after installation, they require very little maintenance. Minor cleaning may be needed after severe weather conditions, but self-cleaning systems are available for solar panels in certain areas.
Solar panels are also extremely durable, and can withstand harsh weather conditions like high winds, heavy snow, and even hail! They’re built to stand the test of time, and are made to last over 25 years. With that being said, solar panel longevity has increased dramatically over the years and continues to trend upwards.
Are Solar Panels Really Worth It? The Cons
As you can see, there are a variety of benefits when it comes to switching to solar. Even so, solar panels may not be for everyone. Are solar panels really worth it? Below are a few of the disadvantages you may encounter when deciding to go solar.
May Not Work for Every Home
Unfortunately, solar panels may not be suitable for every home. An important thing to consider is the size of your roof. If you have a small roof or limited space, then solar panels might not be the best option for you. Around 100 square feet of roof space is needed for each 1 kW of conventional solar panels. If your roof doesn’t meet this requirement, then you may not have the proper amount of space the solar panels need to power your entire home.
In addition, if you live outside of a solar company’s service area, it could be hard to get someone to come out for an installation. Luckily, Florida is home to the most solar employees in the U.S., and ranks 5th in the nation when it comes to solar industry growth. If you’re in the Southeast and are looking for a quality solar panel installer, contact Elite Exteriors today for a FREE consultation!
Weather Dependent
It’s also important to remember that solar panels are weather dependent. They need access to sunlight in order to operate, and if you live in an area that is known for extended days with little to no sunlight, this could negatively affect your ability to utilize solar energy. Luckily, as previously mentioned, Florida beats the country’s average of 205 sunny days per year, with 237 days of sunshine!
However, Florida is also prone to severe weather conditions like hurricanes and tropical storms. While your solar panels will surely generate enough electricity to power through, you are at higher risk of having your panels damaged due to fallen trees and debris. So, while the weather in this area is generally conducive to solar energy, you may want to consider purchasing a system with a warranty.
High Initial Cost
Up-front pricing for solar panels can be intimidating. Initial costs for the panels themselves, other necessary equipment, and installation can cost more than $20,000. With that being said, it’s important to remember that solar panels are an investment, and there are programs and incentives available to offset these costs.
Can’t Move With You
Once solar panels are installed, they are practically impossible to move, especially without causing extensive damage to both the panels and your roof. This may seem like a big loss, however, it’s important to remember that these panels will significantly increase the value of your home, so you should be able to recover the cost at time of sale. You can use these additional funds to simply make your money back on your initial investment, or put it towards installing solar panels in your next home.
Are Solar Panels Really Worth It, and Are They Right for Me?
So, Are Solar Panels Really Worth It, and Are They Right for Me? Most Floridians would answer that with a resounding YES! With a significant return on your investment, a variety of incentives, and an increase in home value, it’s easy to see why. Not only that, Floridians can rest assured they’re investing in a product that’s durable, built to last, low maintenance, and easy to install. Plus, when you consider the benefits from an environmentally conscious standpoint, going solar is the obvious choice.
While most will see this as a sound and significant investment, there are other factors to consider such as your location, your typical energy consumption, the weather, and how much you can and are willing to invest. Either way, one of the best things you can do when deciding if solar panels are really worth it, is to consult with an expert at Elite Exteriors. At Elite Exteriors, you can be certain that you’re getting an honest assessment with multiple solutions for your roofing and energy consumption needs.