Solar Panel Costs: Is It Worth It?

Thinking about taking the solar plunge but wondering about the price tag? When it comes to transitioning to renewable energy, one of the most common items homeowners grapple with is solar panel costs and if the investment is worth it. 

We get it; diving into the world of solar panels can be a bit confusing at first, especially when needing to determine if installing solar panels will be the right investment for you and your property. So let’s break it down.


Getting Started with Solar

  1. Equipment Costs 
    1. The solar panels themselves are the primary cost. Just like there are different kinds of apples, there are different types of solar panels – monocrystalline, polycrystalline, or thin-film- and the type you choose can affect the price.
  2. Installation and Labor
    1. Hiring professionals for a safe and efficient installation is crucial if you want it done right. Depending on where you live and what your roof’s like, labor costs can vary based on location, roof type, and the scale of the installation.
  3. Permits and Inspection
    1. Depending on your region, sometimes local rules require permits or inspections. We’ll guide you through this process and obtain any permits or system inspections required. 


Savings & Perks

  1. Lower Electric Bills
    1. One of the most significant benefits of solar panels is the dramatic reduction in monthly electric bills. Over time, those savings add up and help offset the initial solar panel costs.
  2. Tax Incentives and Rebates
    1. Many places give you a pat on the back via tax credits and/or rebates for homeowners who install solar panels.
  3. Selling Power
    1. In some places, if you make more energy than you need, you can sell it back and earn extra income. Cha-ching! 🤑
  4. Increased Home Value
    1. Homes equipped with solar panels often see an increase in property value.


Thinking Long-Term

  1. Keeping ’em Clean 
    1. Solar panels are pretty low-maintenance, but they do like an occasional cleaning. You should also add potential component replacements into your long-term solar budget.
  2. Efficiency Over Time
    1. These panels are in it for the long haul, often lasting over 25 years. They do get a tad less efficient each year (losing about 0.5% of their efficiency each year), but with proper solar panel maintenance, they could last even longer. 


So, Is It Worth It?

When evaluating the cost of solar panels, it’s crucial to view them as a long-term investment rather than a one-time purchase. While the upfront costs can be significant, the cumulative savings on electricity bills, coupled with potential earnings from net metering and increased home value, often make solar panels a worthy investment.

Flo Energy offers several solar panel payment options that can fit almost any budget. When you consider all of the benefits it becomes clear: for many, solar panels are not just worth the investment; they’re a step towards a brighter, greener future.