Things To Consider Before Investing In Solar Panels
Solar energy is revolutionizing how many people approach their home's electricity consumption. These panels are also more accessible than ever through online stores like ML Solar. For people looking for a greener, earth friendly, and clean way to power their homes, solar energy is a great option. However, solar panels may work better for some homes than they do for others. When looking into investing in solar panels for the home, homeowners should consider the following.
Cost Of Solar Panels
The first thing that homeowners should consider before installing solar panels is their cost. Solar panels are easier to purchase than ever before. Homeowners have the option to check out local dealers and can even look at their options at an online solar panel store. Comparison shopping is now a possibility. However, even with more competition in the marketplace, solar panels are an investment. Solar panel systems can cost between $10,000 and $50,000 and it can take around 6 to 9 years for the energy savings to pay for the system. Homeowners who are not planning on staying in their current home for more than a few years may want to reconsider adding one of these systems.
Where The Panels Are Being Installed
Another thing homeowners should consider is where they are installing the panels. Homeowners who have roofs that are shaded by trees for much of the day will likely not reap the full benefits of solar panels. How good of an investment solar panels are also varies from state to state. The Geostellar Solar Index lists Hawaii as the state where solar panels offer the biggest return on investment where the average energy savings over 25 years are around $60,000
Insurance Costs And Homeowner's Associations
Another thing to consider before investing in solar panels is whether or not they will be covered by homeowner's insurance. Most homeowner's insurance policies do cover solar panels. However, it is important to check to see how much will be covered in case of damage to the panels. A thorough review of a homeowner's insurance policy should be conducted before investing in solar panels. It's also necessary for homeowners to consider local laws and homeowner's association rules before investing in one of these systems. Failing to get permission to install solar panels can lead to costly fines in some cases.
Solar panels are a great investment for many homeowners. However, they may not work for everyone. Some things to consider include the cost of the system and whether or not the panels are in an area where they can get the maximum return on investment for the homeowners. Other things that can make it difficult to install solar panels include homeowner's association rules and local ordinances. Homeowners should also check their homeowner's insurance policies in order to determine whether or not damage to solar panels would be covered.