Should You Invest in Solar Panels? Pros and Cons

Tuesday December 29, 2020

Should You Invest in Solar Panels? Pros and Cons
Should You Invest in Solar Panels? Pros and Cons

We know that solar panels probably aren’t the first thing on your mind. But, if you do go solar, now is the perfect time to invest in one, as doing so will do wonders for your wallet and your impact on the environment. However, there are also downsides. You need to think about what fits for you. Pros to Going Solar: Independence from energy companies. You can’t rely on anyone 100% of the time. At some point, your normal energy company will shut down your power, or the power will go out completely on its own during a natural disaster. When you go solar, you are dependent on a more reliable form or energy that is all your own. If the power goes out, your panels will have your back. No money down. These are hard times, and you might be more careful now about where you’re putting your cash. Thankfully, there are so many financing options that require no money down for your panels. So, you can keep your money until things get stable again. You can buy cheaper during the pandemic. Solar panel prices are rising due to increased demand but limited supply. Now is the time to jump in and buy, because prices are only going to increase once the pandemic is over. Offsetting higher usage. People are working from home more now than ever before. This means you’re likely using more energy as you stay at home, and, therefore, your energy bill will skyrocket. The cost-effectiveness of going solar offsets this increase in cost, so you can still preserve energy and money as you use more. Conserving -- for you and the planet. The perks of solar panels go beyond your wallet. Using solar energy is far better for the planet than the usual forms. Panels also last about 40 years before having to be replaced, so you don’t have to worry about maintenance too much after first installation. Cons to Going Solar: You are leasing your home. The thing about solar panels is that you only really save if you’re buying and plan on living in your home for a long period of time. Leasing with solar panels can actually cause debt, as your landlord might ask for more cash than is necessary. And, unfortunately, many realtors won’t flag you down and tell you that you’re being scammed. However, you can benefit if you’re the owner. You are thinking of selling your home. Going solar may actually hinder your ability to sell your home, and the solar salesperson may not be honest about whether it is right for you. Don't believe everything a solar salesperson says and remember that they are trying to make a sale. Talk to an experienced realtor before making the commitment to invest in solar. You may not need solar panels. If you're getting the panels to decrease your energy bill, you need to look into if your energy bills are high in the first place. Some areas of the country charge exorbitant amounts for energy, but some areas charge very little. You definitely want to assess this before assuming that panels will help you save. The up-front costs can be staggering. Saving the planet is costly. If you don't qualify for a zero-down solar loan, you will find that you have to pay a huge chunk of cash up front for panels. In the U.S., this can be about $15,000. If you need to put this money elsewhere, going solar may have to wait a while. You have to put in the time to find a decent installer. The solar industry is growing fast, and people are competing aggressively to get their cut of the market. But not every installer is created equal. In fact, many will try to push you and make you uncomfortable to buy into their scams. Though difficult, it's not impossible to find a decent installer. It just takes energy and research that you may not have right now. Further reading: Was this article helpful? Check these out:

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  • Craig Tann Broker
    huntington & ellis, A Real Estate Agency
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