Are Solar Panels Worth It?

Posted by Bob Wiedenmann

Harnessing solar power is an integral part of advancing renewable, clean energy that you can be part of on an individual level by investing in solar panels for home use.

Before using solar panels for your home in Connecticut, however, you must first determine whether the long-term benefits of lowering your energy bills and increasing your home’s resale value are worth the hefty upfront investment for the equipment and installation.

What are Solar Panels?

What are Solar Panels?

There is an extensive science behind solar energy, but simply put, solar panels are devices that convert light from the sun into electricity by allowing photons—or light particles—to knock electrons free from atoms. Typically, the systems are comprised of multiple smaller units called photovoltaic cells.

A solar panel installer can complete a residential job in about one to three days, depending on local permitting and inspection processes, how complex the installation is, and how many panels you are having installed. Those factors also affect the cost of installation, which can range from about $26,208 to $37,044. However, you won’t receive solar panels right after signing a contract with your local solar system provider. The average time it takes to go from that point to getting the system up and running is closer to three months.

Best Solar Panels For Home Use

Best Solar Panels for Home Use in Connecticut

If you purchase a solar power system for your Connecticut home, cost and the payback period—or the time it takes to break even on the investment, so to speak—are probably your top concerns. However, there are other factors to consider when selecting the best solar panels for home use, such as solar panel certifications, the length of the manufacturer’s warranty, the solar inverter efficiency, and the mounting system, among other things.

Con Edison Solutions’ residential solar panel systems include the number of 315w solar panels you desire, as well as a SolarEdge inverter, optimizers, and monitoring system. You also receive the required conduit and cabling and all-black racking. Additionally, to protect your investment, you get a 25-year equipment warranty and 10-year workmanship warranty.

A few extra features to consider for your residential solar system include a home energy monitor, electric car charging system, and battery backup with Tesla Powerwall. You also can upgrade to 360w, high-efficiency panels.

How Long Does it Take for Solar Panels to Pay For Themselves?

How Long Does it Take for Solar Panels to Pay for Themselves?

Because of the financial benefits of installing a solar panel system, you can think of it as an investment with a strong rate of return that generally takes seven to 20 years to pay for itself. In Connecticut, the solar panel payback period is estimated to be less than 10 years if you consider the rising cost of electricity from traditional power sources.

After that, you continue to reap benefits in four distinct ways: lowering your monthly electricity bills, protecting yourself against rate hikes, being eligible for money-saving tax credits and incentives, and increasing your home’s resale value. If you install 26 modules, you can save between $157 and $196 on your monthly bills, depending on the Connecticut energy provider that services your region. With 42 panels, your savings could be closer to $254 to $317. Solar power houses can also make you eligible for an estimated tax credit of $6,814 to $9,631.

By adding solar panels to a home with a 30-year mortgage, you could save from $62,491to $76,410 between the estimated additional monthly mortgage, typical monthly bill savings, and estimated tax credit.

If your system is producing an excess of energy that your family isn’t using, you also have the option of selling solar power to generate income. Not every household, however, will generate enough unused power to turn a profit by selling it back to a utility company.

Are Solar Panels Worth The Investment?

Are Solar Panels Worth the Investment?

Not only is solar power a relatively clean form of energy, as solar panels don’t emit toxins into the atmosphere while generating electricity, but it is also renewable and protects you from rising utility prices. The financial benefits of a solar power system begin as soon as it is turned on and last for decades, which is why Sunwood Homebuilders and Remodelers is partnering with Con Edison Solutions to offer you convenient and affordable options for adding solar panels to your Connecticut home.

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Sources

“How long does it take to install solar panels?” EnergySage article. Accessed online at https://news.energysage.com/how-long-does-it-take-to-install-solar-panels/

“Understand your solar panel payback period.” EnergySage article, updated Jan. 7, 2020. Accessed online at https://www.energysage.com/solar/cost-benefit/how-long-do-solar-panels-take-to-pay-for-themselves/

“What Do Solar Panels Cost and Are They Worth It?” NerdWallet article, March 5, 2020. Accessed online at https://www.nerdwallet.com/blog/finance/save-money-putting-solar-panels-roof/

Tags: Energy Savings

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