To reduce the carbon footprint and save $84 per month on your electric bill.
Solar panels are photovoltaic (PV) cells. Photovoltaic is a word used to describe a production of electric current between the two substances exposed to light. In layman’s term, the special batteries inside the panels gather the sunlight, transform it into energy, sends that into an inverter where it will be converted into electricity to power the home.
How much would it cost?
The price of the solar panels nowadays dropped by 60% since 2011. With the current and pressing issue of climate change and global warming the US government dropped the national average of up-front cost to about $17,000 using the federal and local tax credits and subsidies.
To promote the use of solar panels, the federal solar Investment Tax Credit (ITC) is used to give a 30% tax credit for residential and commercial properties that convert to solar energy buy the end of 2016. These tax incentives vary depending on which state and municipality you live inShould I lease, buy or finance?
Leasing for your solar panels is one of the most popular options today because it lessen the upfront costs and would also save you’re the trouble of paying for repairs and maintenance since leasing companies will usually provide for them. Permanent installation comes with tax advantages and would also likely to increase the value of your home when your sell it.
If you have a good credit, you can also have a good deal on a load but make sure that your loan payment is less than your average electric bill to save money.
Who should install these panels?
When hiring someone to install your solar panels make sure that they provide a strong and legit warranty. Be sure that the inverter that would be used would warranted for at least 10 years and that the panels itself are covered for 20 to 25 years. See if the installer uses panels that are made by a manufacturer based in the US. The professional should also not outsource installation. Money would be wasted if things are not going to go according to plan.
Make sure that he or she is licensed and bonded and has no major complaints that have been filed against them with the Better Business Bureau. They should also be able to supply at least two recent customer references.
Notes to remember:
- Having solar panels permanently installed on your homes usually increases your homeowner’s insurance premium. You can expect to have it increase every month.
- Installing and wiring your solar panels may take days to a few weeks or even months. This time is in between you signing the contract and the actual installation.
- Make sure you have a permit. This is the reason why it normally takes a long time to install panels. The types and costs of permits may differ by municipality. Your installer usually asks them for you.
- Your roof needs to be able to receive direct sun during the time of day in between 10 am and 2pm when the sunlight is strongest in order for your system to work. Different kinds of panels react in various ways to shadow. Some just reduce while others shut down the system.
- To know how bug your panels should be, look at your electric bull and look at your average energy use then multiply that by .25.