Whether you’ve just purchased a new home or are looking for a notable home improvement, you may be wondering if solar panels are a worthy investment. Over the last few years, more and more households have installed solar panels on their roofs, generating energy, reducing the cost of their bills, and in some cases, earning money from additional excess energy.
Despite the obvious benefits, there are some downsides, too. So, to help you decide whether or not to invest in solar panels for your property, we’ve got all the info – the good, the bad, and the ugly.
Solar panels reduce the cost of your bills
With your very own source of energy, you can reduce the cost of your bills. While the panels themselves are expensive, you will eventually make your money back, in the long run, paying little to nothing for electricity each month.
Although, if you use more energy than your solar panels can produce, then you’ll still need to pay electricity costs from another supplier.
It likely comes as no surprise that solar panels are expensive, with a singular small panel costing upwards of $500. For multiple, you’re looking at thousands of dollars, an expensive investment for your property. Therefore, if you don’t plan on staying in your property long-term, then perhaps solar panels are not the best investment right now, limiting the amount of use you are able to get out of them.
Solar panels increase the value of your home
While they are expensive, they do also increase the value of your home. To get the biggest bang for your buck, you would ideally install these panels years in advance, making use of these and receiving your full return on investment before selling your home with the asset of a self-sufficient energy system.
To be effective, it depends on your location
Finally, for solar panels to be fully effective, this massively depends on your location. While solar energy is generated from the daytime, the location of your house, e.g. if it is south facing may generate you more energy as opposed to another location.
This is something you should consider before making a purchase, enabling you to see the actual potential of these panels beforehand.