Is It Still Worth Getting Solar Panels

The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar.

Is it still worth getting solar panels.

Depending on the cost of installing solar panels it may no longer be worth it if you re thinking of getting them. One reason solar panels are worth the investment is a solar battery because it stores the energy created during the day so you can use your system regardless of the conditions. As you can see for most australians they can install solar and have the system pay for itself within 6 years. If you submitted an application for the scheme before 31 march 2017 you ll still get paid for generating electricity for the full 20 years.

The average cost of a solar panel system for a home in may 2020 is 3 18 per watt making an average 7 kw installed residential solar power system 22 260 before the 26 federal solar tax credit and 16 472 once the tax credit is applied. While solar leases and power purchase. Whether you choose to buy or lease your solar panels will have a major impact on your system s long term value. Solar panel prices are at a record low with an average sized 8kw solar system with good quality panels now costing as little as 8000 9000 fully installed generating over 30 kwh a day averaged out across the year.

If you have enough to make a purchase in cash you ll save more than with any other option but even with a 0 down solar loan your savings could still be in the tens of thousands. Inflation at 2 5 and a 5 discount rate. Solar is worth it financially. Energy companies do not have to start making payments under the seg scheme until january 2020 but one company octopus energy has already launched two tariffs.

Chris zuppa the penny hoarder you might think that owning a solar system would ensure 24 7 access to electric power even when the grid goes down from hurricanes or other disasters or accidents. Should i still get solar panels. Assumed that 50 of solar energy is used by the home self consumption rate panels are tilted to the north at 30 pitch. How are you financing your solar panel system.