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Are solar panels for residential properties worth it?

Solar panels on residential

Residential Solar

The Answer – “ABSOLUTELY”!  Most people do not realize that it’s not just  the electric company that offers credits for purchase and rebates of renewable energy installations/projects — there are private companies out there that will foot the whole bill and/or you are often able to establish a small payment plan (could be around $100.00 per month) added to your electric bill (directly) each month, as opposed to a large one time expenditure.  The savings alone (approximately 20-30% annually) could prove to be greater than the payments/expense for the panels – it will make sense.  On the other hand, if you do not have a large home or a lot of activity going on at your residence (such as a farm), it might not make sense at all, as you will notice when you run your numbers…

Residential solar systems, on average, cost about $20,000 to install.  State and Federal subsidies generally cover about half the cost, bringing it down to about $10,000 in out-of-pocket expenses.  This is where those private small companies that you’ve been seeing popping up come in to play to better incentify these potential money saving programs by assisting you with affordable installation and payment. options.

What are you getting for the price?  Beyond the actual solar panels, the solar package(s) generally include a new electric meter, installed by the electric utility, that registers credits for the homeowner.  When the solar panels produce more power than is needed, the meter then helps deduct credits when the electric usage exceeds the electricity being produced by the panels.

The first and most important question is always “…what is my return”?  Well, after doing the math, the solar systemsdo add value to the investment! So when measuring the cost of installing solar panels, you must include the value it adds to your property in addition to the savings on your electric bill.

Just another option when going green and making your property more efficient.

Craig DiPetrillo – DiPetrillo Properties – Planning, Investments, Construction

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