Are Solar Panels Worth It?
Are solar panels worth it? Is a residential solar panel installation a wise choice in Colorado? The short answer is yes, but it depends on several factors. According to Solar Reviews, Colorado homeowners may offset their solar panel installation costs within eight to ten years and save over $30,000 within 25 years. Looking into the following questions can help you determine whether a home PV system is a smart investment for you.
How Much Sun Do You Get in Your Area?
With an annual average of 300 sunny days a year Colorado is one of the sunniest U.S. states, more than even Florida. However, your property may get less or more sunshine than average due to location and other factors. Calculating how much sun your home gets is crucial when deciding whether going solar is the best choice.
How Much Do You Currently Pay for Energy?
Your current average electricity bill is another major factor that decides how much you will save by going solar. As a rule, the more you pay for utilities now, the sooner your home’s solar system will pay for itself and start saving you money.
Are There Any Specific Factors That increase or lower Installation Costs?
- Does your roof require structural changes to accommodate solar panels?
- How much do interconnection and licensing cost in your town?
- Larger systems are less costly per watt than smaller systems.
- All this and many other factors may influence how much you pay for your solar installation.
Are You Counting on Making Extra Money from NetMetering?
All utilities in Colorado will allow for extra energy your solar system produces to flow to the grid, spinning your meter backwards, and if you have not taken it back by the end of the year it can be purchased by the utility company. However they will purchase it at wholesale prices and not retail so for the most part that is not an opportunity worth striving for. You are better served by having a solar system sized properly so the amount of energy your system produces in a year equals the amount you consume in a year and money is not changing hands.
Do You Plan to Put Your Home on the Market?
If you plan to sell your home, you should know that in Colorado, you can benefit from a property tax exemption that includes any value your solar system added to your property. Additionally, a working solar system can help you attract desirable buyers or get a better price offer for your home.
Considerations That Go Beyond Price
For many people, “Are solar panels worth it?” is a question that ties in with lifestyle and values. For example, you may prioritize reducing your carbon footprint by building a solar pv system, even if your solar system installation has a longer return on investment than your goal. Or maybe you dream of living in an off-grid Colorado mountain cabin, in which case a solar system would be an essential step toward that goal.
ARE Solar: Quality Solar Panel Installation in Colorado
If you’ve decided that solar panel installation for home use is a wise choice, your next step is to hire a solar contractor. ARE Solar is a reputable local solar panel installer with over a decade of experience helping Colorado homeowners go solar. We offer custom-designed, top-performing solar systems with convenient financing options.
Call 720-637-1072 or contact us online to answer the question “Are solar panels worth it for me?” and get a free estimate.
