Do Solar Panels Save Homeowner’s Money?

Tuesday, October 3, 2017

Are you trying to make a decision about getting solar panels installed in your home or business? You’re not alone. Between 2013 and 2015, the number of states with active residential solar markets grew from 4 to 10 percent according to the industry association. Yet, even if you live in the sunniest part of the world, deciding on a home solar system is a big decision.

Before you decide on solar panels, there are a few things you should check on. Be sure there is sunlight hitting your roof and that it is unblocked by trees or other houses. A south-facing roof is best for solar power systems.

Once you’ve determined whether a residential solar power system is right for your home, then you can look into what tax incentives are available and how to find a firm to provide and install panels.

Ultimately, home solar systems pay for themselves, but how quickly that happens depends on several things:

  • your energy consumption
  • size of the system
  • how much energy it creates
  • how much cloud cover in your region

Even though the goal of solar power for homes is to create your own power so you don’t need to buy it from your utility company, it is still a good idea to buy a bit of power from them in case you have an emergency. Don’t forget that solar only produces power during the day and it makes less power in the winter.

Roof-mounted solar panels will add approximately ten dollars per month to your homeowner's insurance coverage value under a standard homeowner’s policy. Be aware that most policies exclude damage caused to the roof or panel during installation, so choose a reliable contractor with a certificate of insurance and proper coverage.

Before installing any solar panels, contact your independent insurance agent to see if you should increase your homeowner’s insurance to cover the cost of the panels. Once you pay for your solar panels, you’ll get free energy; but it won’t happen overnight. Protect your investment and speak to your independent insurance agent before you make that important decision to install solar panels in your home.

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