When you go to a party or get together and over hear someone mentioning solar panels, people look at the direction and say, " Are they really worth it?". Everyone involved in the conversation has a opinion from some article they read months or years ago, stating the investment in the solar panels aren't worth it. The technology isn't there yet, they look so ugly on the roof and they are soo expensive. Does this sound familiar to you? Can we compare the solar panel industry to the stock market, all the jargon and technical terms gets people confused and frustrated. Just make it simple for the public to understand!! Are solar panels worth it?
I am not hear to toot my own horn, but some of the statements can be true. However, one thing I know that is a definite fact is that solar panels are rapidly declining in cost. Now, are solar panels worth it for you?
This depends on several factors!
1.) Your current energy bill and how much you pay per kilowatt- hour (kWh) of electricity you use. Your rate depends on where you live. A website that I love is energysage.com. They have a solar calculator and uses your current zip code and ties it to the utility rate you pay! Try it out now............Florida ranks 30th in the US for the amount they charge per kilowatt. This is good! The more you pay for energy, the more savings you will receive from solar panels!
2.) The company you choose to install solar panels on your home. One company can be more affordable , however they might use lower grade material and if you live in your home for over 20 years this isn't a good investment, due to equipment failure and efficiency of the panels down the road. Think it like choosing a car!
3.) How you finance the solar panels! If you can purchase the solar panels outright then this would be the best option, no interest adding up costing you more. However, majority of people do not have $20,000 to $30,000 laying around to do this. Getting a loan from the solar panel company you choose to install, can be an option. Leasing the solar panels is another option soon for Florida, thanks to Sunrun! Here's the link to the article for leasing in Florida https://www.bloomberg.com/news/articles/2018-04-20/sunshine-state-to-get-more-rooftop-solar-as-florida-eases-rule. I'll go over all the pros and cons in the next blog in the financing department.
Overall, this blog is for all our Floridians. We can say with certainty, solar panels are worth it if you have an above average energy bill and your roof is exposed to the sun! It's the Sunshine State.