Are Solar Panels Really Worth It
Every solar panel company has a variation of the same sales pitch, “did you know that going solar can save thousands of dollars?” They make it sound so easy, but the truth is, whether solar is a smart long-term investment for you depends on a few factors. So, before you buy into the hype, here are a few things to remember about solar panels, to cut through the sales jargon and determine if solar panels are actually worth the money, for you.
How Much Do You Pay for Electricity?
Your current electricity bill is the largest factor in determining how much you’ll save by installing solar. You pay your utility company for every kilowatt hour of electricity you use, and your rate varies significantly depending on where you live. In some parts of the country, you can pay as little as 8cents per kWh, in others, you can pay 20 cents or more. When you go solar, you effectively install a mini power plant on your roof to replace the power plant where your utility gets its electricity. That means homeowners with high electricity rates from their utilities are the ones who save the most when they switch to home solar power.
How Much Does the Solar Panel System Cost?
Installation prices will vary significantly depending on the solar company you choose and the equipment you install. While cheap solar panels might feel like the easiest way to save some cash, your total 20-year savings will often be higher if you invest in high quality equipment. It’s worth taking some time to review all of your equipment options and find the right combination of price and quality for your home. Don’t forget to research the solar incentives and rebates available where you live, they can reduce your net cost by 50 percent or even more.
How Are You Financing Your Solar Panel System?
Whether you choose to buy or lease your solar panels in Regina, you will have a major impact on your systems long term value. If you have enough to make a purchase in cash, you’ll save more than any other option. While solar leases and power purchase agreements require no money down and promise a maintenance free option, they come with a trade-off: your total savings will typically be just about 10 to 30 percent of your electricity bill.
Three More Tips for Solar Shoppers
- Homeowners who get multiple quotes save 10% more: As with any big-ticket purchase, shopping for a solar panel installation takes a lot of research and consideration, including a thorough review of the companies in your area.
- The biggest installers typically don’t offer the best price: this is a strong reason why we encourage people to shop around, bigger isn’t always better. If you have offers and bids from bigger suppliers, make sure you compare those bids with quotes from local installers to ensure you don’t overpay for solar.
- Comparing equipment is just as important: By collecting a diverse array of solar equipment options, you can compare costs and savings based on the different equipment packages available to you.
Kelln Solar is a locally owned business in Regina, Saskatchewan. We focus on ensuring that each install of solar panels in Regina are seamless, and customer focused.