We’ve been doing lots of research on solar panels these days. The idea of saving some money on the electric bill is pretty appealing, right? Are we alone in that?! But one thing we’ve found in our research is that there can be some significant start-up costs when it comes to solar energy. How do you figure out if it’s worth it in the end for YOUR family?
Adding solar panels to a home can save a family above $100 in many states, which, in 20 years can amount to savings of over $30,000. Because it can take a while until your finances begin to show the effects of solar panels, families can be wary to make the switch to green energy. ‘Do we have to put thousands of dollars down?’, ‘How much does it cost to install solar panels?’ or ‘How secure is this investment?’ are a few questions most families ask. In this post, we highlight the ease with which the switch can be made, focusing on ways to afford installation and other costs.
Solar Installations Costs Have Dropped
Between 2010 and 2016, notes Forbes, the cost of installing solar dropped by over 70%, and technological innovations have meant that panels are more efficient and cheaper to own, yet many households still haven’t made the change. Obstacles include the fact that up to 77% of houses in the US are ineligible for rooftop solar panels (because of issues like orientation or building height, for instance). Moreover, upfront costs for solar can amount to thousands of dollars, which can be prohibitive for many families.