Solar Myth Busting: Solar is Too Expensive

Myth: Solar is too expensive.

Fact: Going solar is one of the best investments any homeowner can ever make.

We’ve heard it before: “Switching to Solar is Too Expensive”. Let’s take a look at the real costs of making the switch to solar energy before deciding that solar is too expensive. Let’s consider the facts first:

 

  • Initially, the cost of a solar installation is an investment. An investment that, when designed and installed properly, will put money in your pocket for many years to come. As utility rates increase, the money saved will only continue to rise.

 

  • In recent years, the cost of solar panels has dropped substantiallywe’re talking 60 % over the last 10 years, making solar more practical and economical than ever before. This is the exact opposite of fossil fuel sources (oil, gas & coal), which become more expensive and less abundant with every ton burned.

 

  • Residential electricity rates have seen an increase of 4% nationally over the past 10 years.  In some places like Oregon, locals have seen dramatic increases as much as 40%, there is no denying that rates will continue to be on the rise.

 

  • Solar panels typically come with a 25-year warranty, but systems installed decades ago are still generating energy today, so it’s expected that a new array will last many years beyond the warranty period. That’s 25+ years of saving 50-85% on your electric bill annually! Think of how you could better spend that money.

 

  • Homeowners don’t have to wait 25 years to see the savings; depending on the size of the system, homeowners can take advantage of simple payback of 9-12 years.

 

  • Solar panels operate during peak daytime load periods when fossil fuel powered electricity is at its greatest demand and most expensive. In fact, with an efficiently-designed solar array, the panels will be returning excess power to the grid when it’s most needed, generating credit instead of cost.

 

  • Some people worry about the value of their investment if they choose to install solar panels, but might decide to sell their homes later. Well no surprise here, solar installations actually increase the value of your home on the market, with the added bonus of spending less time on the market.*

 

In our modern society, having electricity has become essential for day-to-day living, and the use of a depleting resource is becoming a real crisis. With our rate of energy consumption in the U.S. increasing, and the cost of fossil fuels predicted to also continue rising, now is a perfect time to make the switch. Don’t let the cost of going green stop you from making the switch. With our current trends, switching to solar energy is a great way to save.

 

 

*appraisalinstitute.org