Installing solar panels in your home can be a great way to reduce your energy bills and also do your bit to help the environment. Most people don't need convincing of the benefits of generating their own power and hot water from solar panels, but what stops them from making the switch to this natural energy source is usually the cost, and whether they will actually see a return on their investment. If you've been thinking that installing solar panels in your home might be a good idea, here are some of the things you need to think about.
The cost of installing a solar power system in the average home is likely to be in the region of $15,000. If the returns for using more solar power were significant, this would probably seem like a really good idea despite the high price tag. However, this average sized home can probably only expect to reduce their annual energy bill by a couple of hundred dollars. Which means it would take a long time before they saw a return on their initial investment, But when you look at some of the other figures involved, it's actually a different story.
You might only be looking at saving around $200 a year, but when you take into account the 30% tax rebate you can get from the federal government, the additional tax breaks you will get from the state government, and the funding that many of the energy companies are offering if you make the switch to natural power, the actual cost of having solar panels installed is going to be nothing like $15,000. In reality, a figure of around $2,000 is probably more likely, and with this greatly reduced investment delivering the exact same savings, it's easy to see why more and more people are taking an interest in solar power.
Also, many experts agree that decreasing resources mean that there is likely to be a rise in the cost of energy over the next 5-10 years. Which means those that have already installed solar power systems will be saving even more money, and making an even greater return on the money they invested.
Even if you sell your home before you've recouped your investment you're still likely to get some of your money back. Properties that use natural energy sources to save on fuel bills are an attractive proposition for buyers, who will pay more for them. Of course, you could put your money in the bank, or even into stocks and shares instead. But if you take full advantage of the various incentive schemes that are available, the kind of returns you could get from helping to save the planet are a lot more attractive.
The cost of installing a solar power system in the average home is likely to be in the region of $15,000. If the returns for using more solar power were significant, this would probably seem like a really good idea despite the high price tag. However, this average sized home can probably only expect to reduce their annual energy bill by a couple of hundred dollars. Which means it would take a long time before they saw a return on their initial investment, But when you look at some of the other figures involved, it's actually a different story.
You might only be looking at saving around $200 a year, but when you take into account the 30% tax rebate you can get from the federal government, the additional tax breaks you will get from the state government, and the funding that many of the energy companies are offering if you make the switch to natural power, the actual cost of having solar panels installed is going to be nothing like $15,000. In reality, a figure of around $2,000 is probably more likely, and with this greatly reduced investment delivering the exact same savings, it's easy to see why more and more people are taking an interest in solar power.
Also, many experts agree that decreasing resources mean that there is likely to be a rise in the cost of energy over the next 5-10 years. Which means those that have already installed solar power systems will be saving even more money, and making an even greater return on the money they invested.
Even if you sell your home before you've recouped your investment you're still likely to get some of your money back. Properties that use natural energy sources to save on fuel bills are an attractive proposition for buyers, who will pay more for them. Of course, you could put your money in the bank, or even into stocks and shares instead. But if you take full advantage of the various incentive schemes that are available, the kind of returns you could get from helping to save the planet are a lot more attractive.
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