The Benefits And ROI Of Solar Panels: Are They Worth The Investment?

By Millstream Construction

The Benefits & ROI of Solar Panels: Are They Worth The Investment?

As homeowners and commercial building owners seek new and different ways to “go green,” solar roofs have come into vogue. Although solar-powered roofing has existed for decades, recent technological advancements provide new and exciting opportunities to install solar panels efficiently and affordably. Accessing solar energy is no longer inconvenient, unattainable, or cost-prohibitive. That said, you still need to ask, “Are solar panels worth it for my situation?

Are Solar Panels Worth It?

 

When evaluating the value of solar panels, consider the following crucial questions:

Residential Home with Solar Panels on the roof.

  • Are federal, state, and local tax incentives, including credits, deductions, and rebates, sufficient to justify installing solar panels?
  • Do solar panels improve your home’s curb appeal and market value, particularly when you sell your home?
  • If you need to finance the purchase of solar panels with a loan, how much interest and fees should you expect to pay over the loan’s duration?
  • Is a netting tariff (akin to net metering) available so that you can receive compensation for selling excess solar-generated power back to the utility company?
  • Is a “buy-all” tariff available so you can receive fixed compensation (for 20 years) in the form of solar credits for exporting power produced back to the grid without first supplying power for personal use?
  • How long can you expect solar panels to last before requiring repair or replacement?
  • Will solar panels reduce your electricity bills significantly compared to the cost of accessing electricity through traditional grid-based sources?

 

What Is The Expected ROI From Installing Solar Panels?

ROI, or return on investment, is a term used to describe profitability over a specific time frame. In other words, you are calculating the financial benefit (savings, tax incentives, selling excess electricity) and the total expense of your purchase and comparing them. Of course, consumers prefer positive.

Payback Period = (Total System Cost – Tax Incentives) ÷ Annual Electricity Expense

The solar payback period reflects the time required to recoup the initial amount invested in solar panels. The total system cost is the price to purchase and install solar panels. The annual electricity expense represents the cost of electricity incurred using solar power. If the payback period is less than the useful life of the solar panels, you realize a positive ROI from acquiring a solar power system. Are solar panels worth it? If there is a positive ROI, the answer is yes. 

 

Identifying A Qualified Solar Panel Installer

Homeowner using a calculator, calculating the cost of solar energy for his home. Model of a home with solar panel next to him.

 

If you own a home or commercial building in Connecticut, now is the ideal time to consider solar power. The cost of energy continues to increase exponentially. Accessing energy through an

alternative source makes financial sense.

At Millstream Construction, we specialize in identifying the right solar power solution for your unique situation. We aren’t novices. We have extensive knowledge and experience expertly installing solar panels.

To learn more about the countless benefits of solar power or to schedule an appointment, contact Millstream Construction today.

 

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