Short and Long-Term ROI for Solar Panel Installation

Consumers today are wisely seeking out renewable sources of energy, and solar panels are becoming increasingly popular, Solar panels, however, come with significant upfront costs. Before you make this investment into your home’s energy, you should understand how and when solar panels return the value of their initial price tag.

Short-Term Gains

Several rebates and incentives are available to support use of renewable energy sources. The federal government, many state and local governments, utility companies, and other organizations offer a variety of ways to make solar installation more affordable and accessible to more consumers and businesses. Depending on the property type and location, such incentives can reduce the upfront cost of solar panel installation by 30 to 50 percent.

Long-Term Benefits

Perhaps the most obvious change you’ll see is in your monthly electric bill. The more self-sufficient your home becomes, the less you’ll have to pay your power company. The amount you can save depends on a number of factors, including your local climate, the amount of sun your home gets, the pitch of your roof, and the efficiency of your electrical system.

In some locations, you can reap additional savings through performance-based incentives. This typically involves installation of a meter to measure the system’s output. The state or utility provider then pays the consumer a set amount per kilowatt-hour for the energy produced by the solar system.

It’s important to consider that solar panels are a tremendous asset that can significantly increase property value. The appeal of green energy and long-term savings can bring your property a lot of extra attention when it’s time to sell.

The End Game

When deciding whether to install solar panels for your home or business, it’s essential to consider your location, the particulars of your building, and incentives available to you. A variety of financing plans allow home or business owners to pay off solar panel installation over four to fifteen years. At the end of the day, solar panels as an investment and should be treated as such.

Solar panels are just one of many custom options to consider when designing a new building. If you’re curious about going solar, reach out to the professionals at Pro-Line to discuss your options.