Should You Install Solar Panels on Your Roof?

High utility bills strain the budgets of many homeowners. Installing solar panels can significantly reduce the amount you spend on electricity. Before you decide whether to put solar panels on your roof, consider both the benefits and the downsides.

Environmental Impact

Using fossil fuels to generate electricity can harm the environment. In addition, fossil fuels are in limited supply.

Sunlight is a renewable source of energy. Fueling the appliances in your home with solar energy can allow you to reduce your reliance on fossil fuels. That can have a positive impact on the environment.

The mining of materials and the manufacturing of solar panels also emit greenhouse gasses. In the long run, however, the use of solar energy has less of a negative environmental impact than reliance on fossil fuels.

Upfront Cost and Long-Term Savings

The cost to install solar panels can be steep, but you might qualify for government incentives that can offset part of the initial expense. As solar technology has improved, the cost of solar panels has come down. Prices are expected to keep falling in the future.

Generating your own electricity can allow you to reduce or eliminate your reliance on an electrical grid. That can save you money each month. If you intend to live in your house for several years, you’ll be able to break even on your initial investment and then continue to reap the financial benefits for years after that.

Solar panels are easy and affordable to maintain. You’ll need to have professionals clean and inspect them regularly, but the cost is low compared to other forms of home maintenance.

Ability to Store Energy

If you install solar panels on your home, you’ll be able to store excess electricity that you can use on rainy or overcast days when there’s little or no sunlight. If you generate more electricity than your family uses, you might be able to sell it to your local utility company for other local consumers to purchase. That can reduce your community’s reliance on fossil fuels. The ability to earn money on your investment can also make installing solar panels a more financially attractive option.

Impact on Property Values

Energy efficiency and concern for the environment are important to many homebuyers. A house with solar panels can be particularly appealing to eco-conscious buyers and those who want to keep their utility costs down. If you install solar panels, you’ll get to enjoy financial savings while you live in your home and get a higher price when you sell it. 

Weigh the Costs and Benefits

Generating solar energy can pay off financially and reduce your family’s environmental impact. The upfront cost can be high, but you might decide that the long-term savings would make it worthwhile. Compare the price of solar panel installation to your potential savings so you can make an informed decision. 

 

Reprinted with permission from RISMedia. ©2024. All rights reserved.

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