So, you have probably heard all the buzz about these flashy solar panel systems that produce clean, renewable solar energy and help you save huge bucks on your energy bills. These solar panels are currently the talk of the town, and everyone seems to be investing their money in these shiny little boxes. But are these solar panels worth all that money, and is there any profit that you will get from investing in these solar panels? Well, let’s get our detective glasses on and find out exactly how solar panels can be profitable to us.
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The Initial Cost of Investment
Okay, but before we discuss the profits that one can gain from these solar panels, let’s talk about the one point that can be a little bothersome – the upfront cost. Solar panels are not cheap at all. And the cost of installing these solar panels mostly depends on where you live and the size of your systems. So, looking at these two factors, the cost of installing these systems can be anywhere between $10,000 to $30,000. However, you don’t have to worry about these costs and how you would be able to install them, as there are federal systems, state/ local incentives, and more that can help you reduce these costs by a significant margin. In a lot of places, these incentives can help you save up to 50% of the total installation cost.
Monthly Savings
Once these solar panels are installed, you can see the savings in your monthly bills, given you are living in a place where the sun shines all the time. The sunshine will give you all the opportunity to save huge amounts of money on your energy bills depending on a few factors, like the size of your roof, your local electricity rates, and how much sunlight your area gets. Research suggests that, on average, any homeowner with solar panels can save between $600 to $1500 a year. If you calculate, for the next 20 years, you can probably save up to $12,000 to $30,000.
Increase the Value of Your Home
Installing solar panels in your homes can also help increase your home’s resale value. Research suggests that homes with high-quality solar panels installed can be sold for up to 4.1% increased costs as compared to those without any solar panels. So, if you are planning to ever sell your house in the future, you will find yourself gaining more profit than you would have imagined.
Long-Term Profits
If you didn’t already know, energy prices are most likely to increase over time. This means that your savings will grow more over time. So, the more electricity costs, the more you will save by generating your own electricity. Now, if your solar panel system costs $15,000 and you save $1000 annually on energy bills, it will take you about 15 years to reach those savings. However, given that solar panels have a lifespan of 25 to 30 years, you will gain up to a profit of $15,000 or more. So, it is safe to say that the only benefit of having solar panels is not only limited to its environmental impact but cost savings as well.
Conclusion
So, you see how you can earn profits from installing these solar panels. Sure, the investment can initially seem to be a little steep, but if you look at long-term savings, an increase in home value, and more, it is an investment that will pay off in the long run.
