Do Solar Panels Save Money In The Long Run

There are many companies touting the use of solar energy to save money on your home energy bills.  One type of plan involves the leasing of solar panels at a set cost and then getting a reduction in your home energy use and cost.  If this plan is not financially stable will the company be able to maintain and replace the system during the lease period and what happens to your lease payment if the company goes bust?

Uses of Solar

Home heating, hot water systems, swimming pool heating, and indoor and outdoor lighting can all be powered by solar. Solar works most efficiently in geographic regions with a lot of solar energy, like the Southwest. If you're lucky enough to generate more electricity than you personally use, in some areas you can even sell energy back to the electric grid.

Photovoltaic Systems

Residential solar power comes through photovoltaic (PV) systems. Initial installation costs depend on factors such as size, equipment specifications, permits and labor. Though prices have declined as technology has improved and become more widespread, you can still expect the price of installation in an average home to hover in the $20,000 range. You can calculate your average annual electrical costs to determine how many years it will take for you to see a return in your investment, keeping in mind that solar panels will also increase your home value. If you spend $150 per month on electricity, it would take more than 11 years to recoup an original cost of $20,000. After the payback period you are bound to reap financial benefits.

Incentives and Alternatives

Federal, state and local governments as well as utility companies periodically offer rebates and tax incentives for switching. These can take the sting out of costly installation, but programs vary greatly from year to year. A handful of states allow lease programs and power purchase agreements (PPAs) which let consumers lease equipment or use equipment installed by a private company, which then sells the solar power back to its customer. These are options for homeowners who want to use environmentally friendly energy but cannot afford the high costs of owning their own system. PPA and leasing companies generally sell energy at a cost lower than that of the local utility company, and many offer guarantees that costs will not rise.

It is lot to consider when thinking that solar is the way to go to save money.  For now we want you to think of Aaron’s Mechanical Service when it comes to repair and replacement of your current AC unit.

When you need us we are as close as your phone, call 623-388-4436 and let us help!

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