Are Solar Panels Good Idea

For more peace of mind you could choose tier 1 panels which have a better reputation for performance and quality mr barnes suggests getting recommendations and shopping around for installers while avoiding door to door sales tactics.

Are solar panels good idea.

For one lessees won t qualify for tax incentives. Solar panels definitely vary in quality. As states continue to emphasize solar see california s solar panel mandate leasing could be an affordable option for many residents. Also known as photovoltaic panels they are mounted on the roof of a house and use sunlight to produce electricity.

Solar leasing does have some drawbacks potential lessees should pay attention to. Why leasing isn t a bright idea. We simply do not recommend it. Why loans make more sense than leases or ppas.

It s important to have a basic idea of how the panels work as well. Thanks to substantial electricity bill savings the average american homeowner pays off their solar panel system in seven to eight years and sees an roi of 20 percent or more. Problems with solar leasing. There are multiple variables to consider when seeking out the best solar panels on the market.

You pay for the electricity that the panels produce and in doing so over the course of of a 10 to 20 year contract you pay for the system and then some. Solar panels aren t an expense they re one of the best ways to invest with returns rivaling those of more traditional investments like stocks and bonds. For example the federal tax credit of 30 is attractive only to those with the income to generate a tax liability high enough to take advantage of it. These less powerful solar panels will not be able to generate the electricity you hope while still being quite expensive.

Unsurprisingly california leads the nation in residential solar capacity but some of the others in the top 10 may surprise you. You save money on your power bill without having to spend a cent on having a system installed. A significant detractor when it comes to diy solar panel installation is that the home solar panels you can pick up at home improvement stores aren t as powerful as ones that licensed contractors can buy. While certain panels will have higher efficiency ratings than others investing in top of the line solar equipment doesn t always result in higher savings.

Leasing solar panels for your home is not a good idea from a financial perspective. On the surface it certainly sounds like a sweet deal but as we pointed out not long ago free solar panels are not exactly free. Even the incentives are designed for those with a decent level of income. Ostensibly it s win win for both you and the solar company.