Are Residential Solar Panels Worth It?

For almost 30 years now, we’ve been hearing about how the residential solar panel is going to change all of our lives and become the energy savior we all need to steadily wean ourselves off of fossil fuels. It doesn’t take an energy expert to look around and see that almost no homes in North America take advantage of solar technology, although in Europe, thinks are quite a bit different. The majority of high end, efficient solar panels are now made in Europe and many homes there make use of this clean and infinite supply of energy. The question that many Americans still need to have answered, however, are residential solar panels worth it or not?

Depending on how many panels you choose to install, as well as many other variables, installing a residential solar panel array for your home can be a real money saver over the long run. The thing that people need to get over is the price tag associated with the initial cost. Yes, the cost of buying and installing solar panels is expensive, at first, but there are several ways you can help pay off initial high cost.

First, you can sell back any extra energy you produce back to the power company. Now, before you run out and buy a series of residential solar panels to place on your home, you need to have a meeting with your local power company. Although national laws are set to be passed by the Obama administration that look to normalize how selling energy works, for now, you may not be able to sell back your excess power to your local energy company. You’ll need to have a formal meeting where you can get an agreement in writing from your power company before you make the initial investment if you are counting on selling back energy to offset initial costs.

You may also want to wait a little while before installing a residential solar panel array based on upcoming tax credit changes. Since laws vary from state to state, you may want to check to see what kind of assistance you can get from your county, state and federal government as it pertains to tax credits for installing renewable energy sources like solar panels or windmills. The Obama administration is set to offer a major incentive to those preparing to go green, but as always, there will likely be strings attached so make sure you do your research first.

One other alternative is to simply add on additional renewable energy sources as you go. Start with a single residential solar panel when you can afford it and then add on a wind turbine that can be mounted to your roof. Once you have the cash to expand, you can add more green energy sources and before you know it, you’ll have the most environmentally friendly home in your area. Remember, greening your home doesn’t have to be an all-or-nothing proposition. Most people don’t have the financial flexibility to go all in, the important thing is that you work towards a pollution free future.

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