10 Questions to Consider Before Buying Solar Panels
10 Questions to Consider Before Buying Solar Panels
The federal government will subsidize 30% of the cost of your solar project.
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The Inflation Reduction Act of made several important changes to how federal solar tax credits work. For one, it extended the credit for years, until ; it also raised the rebate to 30% of the total cost of installation until , after which it tails off to 26% and 22% the next two years.
Theres no cap to the cost, eitherwhether you pay $10,000 or $100,000 for your solar project, you get the full value of the credit.
In a sense, that may be all that you as a homeowner need to know. You have a long window in which to decide whether to go solar, where you can be confident of writing off 30% of the total cost. Your up-front costs will be reduced by almost a third, and youll recoup your investment that much faster.
Significantly, you can spread the credit across as many as the next five years of tax returns. This option is designed to maximize the credits benefits, since not every household will owe 30% of their project cost in taxes in the year of installation.
The Inflation Reduction Act also improves certainty and long-term planning in the solar industry itself, said Joe Lipari, vice president of projects at Brooklyn SolarWorks. We always joke and call it the solar coaster because so much of it is really influenced by political whims, he said. What the IRA did was provide certainty that this is an incentive thats going to be here to stay Were so accustomed to, Its going to expire next year. Sign up now. Get it while you can. Its never going to get better. It changes the mindset.
And that should help smaller, customer-oriented local solar contractorssuch as Brooklyn SolarWorksstick around.
We strongly recommend working with such a contractor, versus a large national firm whose business model, as detailed by Alana Semuels in Time, prioritizes sales over service. (In Semuelss words, National solar companies essentially became finance companies that happened to sell solar.) Tellingly, the first of the 40 Questions to Ask an Installer suggested by the nonprofit American Solar Energy Society are What year was your company established? and Where are its offices?
7 things to know before buying solar panels
As energy becomes all the more expensive, solar panels continue to grow in popularity. Thinking about it: why wouldnt you want to take advantage of free renewable energy from the Sun? However, installing solar panels is never as easy or straightforward as one might think. Theres the initial expense to consider as well as selecting the best type of solar panel for your home. Then theres the whole process of getting them installed and hooking them up.
But, this shouldnt stop you from investing in solar panels. After all, once youve got them installed, theyll save you money on your bills, not to mention add value to your house. Thats why weve pulled together this guide on essential things you should know before buying solar panels.
Also check out the pros and cons of buying a home generator, and if you want to maintain a warm house this winter, here's how to save money on your heating bills.
What are solar panels?
Solar panels essentially convert sunlight into energy. Most can be found on rooftops, but they can be installed almost anywhere where theres a steady source of sunlight. Thats why the panels on the best solar lights can sometimes be found directly on top of the light.
The generated energy can either be stored in a dedicated battery and then used directly in your home, or fed back to the main electrical grid, which in turn provides credit to your account. In either case, you save on your bills.
7 things to know before buying solar panels
1. Is your roof ready for solar panels?
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If your roof is old or damaged, it might not be prepared to take the weight of solar panels. You should get it inspected by a professional to confirm if its structurally sound. Its also best to get any necessary repairs fixed before you order your panels. At the very least, your shingles should be relatively new; otherwise, the whole grid will need to be removed to access the repairs in the future.
If your roof cant take the weight, and youre not prepared to pay for a replacement, you can alternatively place solar panels in your backyard. Just be sure to aim them in the best direction for sunlight.
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Contact me with news and offers from other Future brands Receive from us on behalf of our trusted partners or sponsors2. What types of solar panel are there?
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There are three main types of solar panel to choose from; monocrystalline, polycrystalline and thin-film. Monocrystalline is the most common option you will see on residential homes. This is considered to be the most efficient of all the solar panels, but it comes with a steep price as a consequence.
Polycrystalline panels are a little less efficient by comparison, but they don't cost as much. Thin-film panels, on the other hand, have a much finer design, which makes them more flexible and portable. These arent as efficient as monocrystalline though. The best option for you will depend on your home and your budget.
And then there's the question of solar panels vs. solar shingles. Solar panels are more traditional, and are lower in cost by comparison. Solar shingles are newer, and rather than sitting on top of your roof, are designed to look like your shingles, so they're more aesthetically pleasing. However, solar shingles are significantly more expensive than solar panels.
3. How much do solar panels cost?
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Make sure youre fully aware of the expense of installing solar panels before buying. On average, expect to spend at least $15,000 to $20,000 to buy and install solar panels. You will likely need to hire a professional to install them, and you also need to account for any repairs your roof may require beforehand.
Be prepared that while you will save money on your bills, it will take a long time to make back the initial expense. Many solar panel installers will provide a calculator to see how much you'll save per month if you have solar panels.
4. Is it better to buy or lease solar panels?
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One of the biggest questions you'll face is if you should buy or lease your solar panels. If you lease your panels, you don't have to pay a large upfront cost, which is typically around $10,000 or more. However, you do not officially own the panels if you choose this option the equipment is owned by a third party. Plus, it wont add value to your property as its not a permanent asset, and you won't be able to claim tax deductions.
However, leasing isnt a total loss. It will still provide savings on your utility bills over time, and you wont have the initial upfront cost.
5. Do you need a permit to install solar panels?
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Each state and municipality will have its own set of rules in terms of solar panels, and you might need a permit to install them. Check in with your local authority to see whats required.
Depending on whats needed, this may take some time to approve, so get this sorted first before browsing and selecting your solar panels. A good installation company will be able to take care of the permitting process, but be sure to ask them.
6. Are there tax rebates to owning solar panels?
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Another bonus is that some states offer incentives to encourage you to install solar panels. The particulars will depend on your location, but you can get tax rebates and breaks to reward you for your sustainability.
Plus, the federal government provides tax credits to residents as well, so make sure you check what youre entitled to and take advantage. Again, though, if you're leasing solar panels, you won't be able to claim this rebate.
7. Should I get a battery backup for my solar panels?
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Solar panels are great for providing electricity when the Sun is out, but what about at night? Many solar panel installers also provide the option of adding a battery backup, so that when the Sun goes down, you can still draw the benefits of your solar panels and not use power from the grid. A battery backup will add at least $5,000 to the overall cost of your system, but will provide you a source of power in case there's a power outage in your area, without requiring a noisy generator.
Be sure to also check out our 7 tips to improve the performance of your solar panels.
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