Are Solar Panels Worth It In 2022? 5 Factors to Consider
Are Solar Panels Worth It In 2022? 5 Factors to Consider
Abstract
U.S. Office of Energy Efficiency and Renewable Energy says solar panels are more affordable and accessible than ever before. Solar panels can significantly offset or eliminate your electricity bill, which can save you a ton of money over a long period of time. The equipment and installation are expensive, running anywhere from $10,000 to $25,000. Many homeowners are concerned that the upfront costs will negate any savings. If electricity prices dropped in your area, you might find solar panels less worthwhile. The opposite is true. A solar cost calculator can give you a rough estimate. Your monthly average will determine what size solar system you need. You’ll repay the loan by paying an additional fee on your annual property tax. Instead of buying solar panels, you could lease them. There are significant pros and cons to solar leases. It’s also helpful that you only have to make a payment once per year.