Photo: Engin Akyurt

Is solar still worth it 2022?

Solar panels are proven, time and time again, to pay themselves off, usually in less than ten years' time, reducing energy costs and decreasing your impact on the planet. Considering this, many homeowners find themselves asking the question: are solar panels still worth getting in 2022? In short, the answer is yes.

resilientroofing.com - Solar Panels: Are They Still Worth It In 2022? - Resilient Roofing

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Are Solar Panels Still Worth It In 2022?

For over a decade now, residential solar panels have been widely available to the public, with over 2 million home solar systems being installed since 2019. Since their invention, costs of solar panels have fallen over 99%, making them an affordable investment for many homeowners, and financing offered by many solar companies makes them a realistic option. Solar panels are proven, time and time again, to pay themselves off, usually in less than ten years’ time, reducing energy costs and decreasing your impact on the planet. Considering this, many homeowners find themselves asking the question: are solar panels still worth getting in 2022?

In short, the answer is yes. While they are not as efficient as nuclear power, nor as reliable as fossil fuels, residential solar panels occupy a unique niche in that they are a way to use the square footage on your roof to generate power and reduce your energy bill. And let’s be honest – you probably weren’t using the area on your roof anyway. Compared to other home energy solutions such as gas-powered generators, solar panels have incredibly low maintenance and upkeep costs once they are installed, only needing periodic dusting and inspection to keep them running for decades.

Solar panels cost less to manufacture and install than the cost of the energy that they will generate over their lifetime, meaning that they will always pay for themselves in the long run. If you’re looking for a short answer, you can stop reading here. Solar panels are a worthwhile upgrade to your home, and you will save money in the long run by installing them today. However, there is more to consider than just whether they will make you money in the future – what does the future of solar look like? Will costs keep going down? Does it make more sense to wait than to install solar today?

The Future of Solar Panels

A universal truth is that as technology improves, solar panels are just going to get more efficient, more affordable, and more durable. Over the past few years, the trend has held steady that solar energy produced by residential panels tends to decrease by about two to four cents per year, per watt generated. This translates to the cost for an equivalent solar system decreasing by somewhere between $100 to $200 per year. While the savings from waiting might seem significant, considering that the average home solar system saves around $1,500 per year in energy costs, you actually lose out on over $1,300 each year you wait.

Tax Credits and Benefits

Another consideration is the tax credits available to homeowners who choose to install solar panels. For many years now, homeowners have been offered a tax credit on the cost of installing a solar system. As of 2022, you can deduct 30% of the cost of the system in a program that was recently extended by Congress. This 30% tax credit will remain in place through 2032, after which point it will be reduced to 26% in 2033, then to 22% in 2034. After that, in 2035, it will expire, and solar installation will no longer be eligible for a tax credit. While the 2032 deadline to get your full 30% tax credit isn’t exactly urgent, considering that you will save around $1,500 every year you have solar installed (and possibly more, depending on your energy usage and the type and number of solar panels you decide to install), we absolutely recommend installing solar panels today rather than later down the road.

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In the end, as long as solar panels cost less to manufacture and install than the cost of the power they will produce over their lifetime, they will be worth it to install, as long as you’re willing to wait a few years before you see that return on investment. Since technology will undoubtedly continue to advance and solar panels will continue to get better, solar will likely always be worth your money to install. However, since each year you don’t have solar means that you lose out on around $1,500 or more on energy savings, a savings which outpaces the rate at which solar panels go down in price, it is a smart move to install solar panels now – and take advantage of the federal tax credit while it’s still around. This could save you thousands of dollars and make your system pay itself off as soon as possible. If you’re in the San Diego area and you’re looking to get solar panels for your home, don’t wait. Solar is an excellent investment that can save you over $1,500 each year, depending on your energy usage. San Diego is an especially great place to own solar panels because while the nationwide average number of days of sunshine is 205 days, San Diego gets 266 days – that’s an extra 61 days that your panels could be pumping out clean energy and reducing your energy costs. Feel free to book a complimentary consultation with one of our solar experts to discuss your solar needs. We’re licensed, insured, and have decades of experience on our hands – plus, our knowledge as a roofing company makes sure that our technicians won’t damage your roof while we’re installing your panels.

resilientroofing.com - Solar Panels: Are They Still Worth It In 2022? - Resilient Roofing

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