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Are solar panels worth it 2022?

Solar panels will still work in less-than-ideal conditions. However, homes that receive little light or have limited roof space will not benefit from a system. Homeowners with high utility bills: If the cost of your utility bills is constantly high throughout the year, a solar system could help meet your energy needs.

thisoldhouse.com - Are Solar Panels Worth It in 2022? - This Old House

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What Are Solar Panels?

Solar panels, also known as photovoltaic (PV) panels, absorb energy from sunlight to run your home. The solar cells collect this energy and convert it into direct current (DC) power. DC power passes through the inverter within the solar power system and becomes alternate current (AC) power. Finally, the converted energy flows through the wall outlets of your home. The types of solar panels used for a system are selected based on the design of the home and the available sunlight. Some companies offer a wide selection of panels, while others may stick to one particular brand or type. Solar panels are usually all-black or may have a bluish tint. Some homeowners are picky about their solar panels choice because they don’t want the design to take away from the aesthetics of their home. Most solar panel systems are placed on the roof of your house. The number of panels used on your home will be determined by your energy needs and the size of your home. Ground-mounted solar panels are an alternative if your roof is not the ideal place for your system. This style of solar system can be set up at the ideal angle and direction of the sun to maximize its efficiency.

What Are the Benefits of a Solar Panel System?

The investment in solar panels provides several advantages to homeowners, from environment-friendly solutions to monetary credits.

Unlimited Sustainable Energy

Solar energy provides a renewable energy solution that helps protect the environment. Harnessing the power of solar energy provides homeowners with unlimited access to clean energy. Without relying on expensive fossil fuels, homeowners can take full advantage of a natural energy source that results in lower energy costs. As a result, customers will reduce their carbon footprint, helping to reduce harmful emissions that contribute to climate change.

Lower Utility Bills

According to the U.S. Energy Information Administration (EIA), homeowners spent almost $118 per month on their electric bill in 2020. However, the average cost varies significantly from state to state, with higher averages in New England and Southern states. Using solar power in your home would reduce the need for costly fossil fuels and tap into a less expensive resource. Homes that use more electric-powered appliances would benefit from a solar conversion.

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Not only do solar panels generate enough energy for your home, but they often collect an excess of energy. The excess energy can be sent back into the local grid, helping to lower your meter and save on your energy bills. Some states offer net metering, allowing customers to sell back their excess energy and accumulate credits over time. Alternatively, solar customers can add a solar battery to store extra energy for use later. Homeowners can use stored energy during low-sunlight days or power loss. Homeowners often look for ways to raise the value of their homes through upgrades and renovations. However, adding a solar installation could add to the value of your home, too. The DOE states that homes with solar panel systems sold quicker throughout the country. Buyers are willing to pay upward of $15,000 more for homes with pre-installed solar arrays. Selling a solar-powered home could result in a profitable return on investment.

Solar Tax Breaks and Incentives

Homeowners may receive additional monetary benefits from their local utility company, state government, and federal government. Many utility companies provide added rebates for their customers moving to solar energy. Likewise, state and local governments make the change desirable by offering rebates to their solar customers. Local utility and state government credits vary per state. The federal government offers the Investment Tax Credit (ITC) for homeowners who install new solar panel systems. This federal solar tax credit provides a federal tax reduction equal to 30% of your solar installation costs for systems installed between 2022 and 2032. The credit rate will reduce to 26% in 2033 and drop to 22% in 2034. It’s set to expire in 2035.

thisoldhouse.com - Are Solar Panels Worth It in 2022? - This Old House

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