Are Solar Panels the Answer to Your Financial Struggles?

by Amos Z

Alternative energy sources have been the talk of the town ever since the energy crisis struck the US last year, and a growing number of Americans are beginning to consider making the switch over to renewable energy.

For most, this is a completely foreign concept, and they have a hard time understanding exactly how they’ll be saving money by investing thousands of dollars into a heat pump or solar panels.

In a way, these installations tend to pay for themselves in due time, and it’s all about utilizing their full capabilities from day one, as you’ll find that alternate energy sources can be just as effective, if not more effective, at powering your home than the American energy grid is.

Some solar panel users even generate enough electricity to sell it to the electric company, and this surplus can pile on very fast.

Is it for you?

For the most part, many people are driven away from solar energy by the many uncertainties that it brings, mainly for the fact that it’s practically useless on rainy days and the effectiveness of the panels goes down drastically during the winter.

However, your financial goals may be in line with installing solar panels in your business or home, and even if it may seem like a risky move, it’s the most consistent energy source, as the sun does have to come up eventually.

This requires many calculations though, and you’ll want to weigh between the price of the actual panels themselves and all the accompanied gear and whether it will end up costing you more than your current yearly energy expenses.

Your carbon footprint will be reduced significantly, but you’ll have to be prepared for years of payments and slowly make your money back from the solar panels you installed.

The pros

The main advantage solar panels bring to a home is the fact that they can drastically reduce your energy costs, and even if you’re not fully utilizing them for all the electricity in your home, they can take a chunk out of your energy expenses.

If your panels can generate surplus energy, this electricity is then directed back into the grid, and with enough panels, you may even become able to have income from these installations, although this is difficult to achieve with only a single household.

Generally, you should aim for enough electricity to reduce your energy bills down to $0, allowing you to focus on other aspects of your finances and even work on obtaining financial independence in the coming years.

On top of saving money, solar panel installations can do wonders in terms of increasing a home’s value, as the number of home buyers looking for eco-friendly homes has gone up in recent years, and the trend has only continued to grow in popularity.

Make use of the Government Incentive programs

Apart from being able to reduce your bills to a neutral value, a solar panel installation may qualify you for certain government grants and benefits.

As we all know, the US government prides itself on the many steps it’s taken in recent years to ensure a greener, more eco-friendly future, and the same goes for the citizens as well.

With these incentives in mind, going solar looks easier than it ever was before, although you’ll want to make use of this tax credit while it still lasts.

Jumping on a trend like this in the early stages tends to pay off immensely in the long run, and green energy opportunities like solar and wind are the future of America, so why not be a part of that future?

The downsides

Generally, most people’s concerns lie in the fact that solar panels are and always have been expensive, to the point where most families can’t afford them, even if we’re looking at solar panels as a long-term investment.

This is due to the fact that the payback period on solar panels is much longer than that of other energy sources, meaning you’ll have to spend an extra year or two than you normally would before you go neutral on your investment in clean energies.

Another thing to keep in mind is the fact that not every house has the space to house many solar panels, which creates further complications.

However, this only means that you’ll be utilizing less solar energy per household, which may result in you not breaking even on your energy bills at the end of the month.

Bottom line

Eco-friendly energy alternatives have been around for a long time, and while wind energy is often considered to be the cleanest, one has to account for the fact that wind turbines cause disturbance in an ecosystem.

On top of being ugly, wind turbines are extremely loud, and they’re not as effective in most areas, as they require a constant supply of wind to function properly.

Going solar seems to be the only right answer for anyone looking to contribute to a great cause, and in doing so, save money on their energy bills.

You may also like

HTML Snippets Powered By :