You’ve likely heard the buzz for a long time now: solar panels are definitely in. You know the basic concept. You buy however many panels you want and can afford, a specialist contractor installs them, and then, over time, you save a ton on your electric bills as the sun does your work for you.
And that’s basically how it is, but of course, with anything costing thousands of dollars, there are always more details to consider. When you’re looking for Little Rock houses for sale, you’re probably searching for anything that can bring down your monthly costs in the long run. Solar panels are one way to do this, but don’t just jump into it.
Let’s learn about the pros and cons of installing solar panels on your home.
Reduced Electric Bills
The first and most obvious pro of getting solar panels is that you’re going to save on your electric bills. How much you save depends on many factors, including how many panels you get, where you live, and how much sunlight you get per year.
But one example of how well you can do is a savings of between $10,000 and $30,000 over 20 years. That is not insignificant! So, if you want reduced monthly payments to your electric company, step right up!
High Up-Front Costs
Then there’s one down side: the cost to buy the panels. Again, it depends on how many you buy, but you can expect to pay tens of thousands of dollars all at once for the hardware and installation.
So solar panels are not for those just making ends meet. It’s a bit of a luxury, we’ll admit. If you have that money to drop in one day, this is a worthwhile investment.
But no one will criticize you for being scared off a bit by that price tag.
Lastly, your state and federal governments will give you tax credits for your solar panels! That’s right: not only will you save on electricity, but your national leaders will thank you for using less energy and helping the environment.
What credits you get are different in every state, but you stand to claim up to 30 percent of your installation price on your taxes in some areas! That’s quite a bargain!
The bottom line is that solar panels may be expensive, but they’re a great place to put your money. If you plan to stay in your home for a long time, you might as well make it worth your while. You can’t go wrong relying on the sun!