Should I Buy Solar Panels

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Switching to solar energy can offset your home’s environmental impact. But which option makes you more money: buying or renting solar panels?

Should I Buy Solar Panels

Should I Buy Solar Panels

As an electrical engineer and green citizen, I decided to switch to solar energy and do some homework.

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I hired a construction expert to research additional solar panels and asked what government rebates and rebates were available. I also calculated that a typical photovoltaic energy production (PVOUT) is around 6 kWh per day.

Buying solar panels is the simplest and cleanest way. You are the sole owner of the solar system, maximizing the financial benefits of the installation.

You don’t have to pay anyone every month, so your solar system works for you from day one.

Additionally, the value of your property increases when you install your panels. According to the National Bureau of Economic Research, solar panels can add a $20,000 premium to the selling price of a $500,000 home.

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Finally, as an owner, you can obtain financial benefits such as state tax reductions, state rates and incentives, which can be up to 30% of the initial purchase price.

With solar leasing, you pay for the panels monthly and use the electricity generated by the system. The main difference is that in this case you have no panels.

There are many advantages to renting. Startup costs are very low, in some cases even zero. In the lease, maintenance and responsibility lies with the solar company, so there is no need to worry about maintenance.

Should I Buy Solar Panels

On the other hand, the solar company gets all the benefits like tax credits and government tariffs.

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Additionally, monthly payments will likely increase to reflect current market rates, further reducing cash flow.

A solar power purchase agreement (PPA) is similar to a solar lease, except you have no out-of-pocket costs and you don’t own the solar system.

In a PPA, you contract with a solar developer who designs, permits and installs a solar panel system on your roof.

You then pay the developer for each kW of solar energy used, which is less than what the company pays.

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In PPA-enabled areas, utilities pay for excess solar energy that you don’t use.

At the end of a 5 to 25 year contract, you can renew the contract, remove the panels, or purchase the solar panels at market value.

If you’ve ever applied for a car loan, you know what I’m talking about. Instead of a one-time payment, you make smaller monthly payments over an agreed upon period of time.

Should I Buy Solar Panels

You can get a loan for a solar panel system through banks, credit unions, and even utility and government programs.

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Ask if your utility company offers bill financing so you can pay off your monthly electric bill.

If you decide to sell the manufactured home, the loan stays with you. You can try to pay off the remaining amount in one lump sum or add the remaining balance to the price of the house.

The cost of solar technology is falling as governments offer financial incentives and tax credits. However, a typical rooftop solar system still costs between $15,000 and $30,000.

If you don’t have much money and don’t want to wait to save, you can try getting a loan.

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There are unsecured and unsecured solar loans. With an unsecured loan you don’t have to put up your home as collateral, but the interest is tax deductible.

While many solar installers provide competitive low-interest financing to lenders, read the full terms and conditions.

Clean Energy Property Appreciated (PACE) programs allow you to finance the initial cost of a solar system and pay off the costs over time.

Should I Buy Solar Panels

What distinguishes PACE assessments from solar loans is that they are tied to the property, not you.

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The property owner pays the cost of the solar panels along with the property tax payment.

The average American home needs about 20 solar panels. This comes from an average monthly electricity consumption of 877 kilowatt hours (kWh).

It’s important to note that the number of panels you need depends on many other factors, such as the size of your home and the type of solar panels.

Check previous electricity bills. The total amount of electricity used will be indicated in kilowatt hours at the bottom of your bill. You will get the most accurate estimate if you compare several documents from different seasons.

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It would be great if you could take last year’s monthly electricity bills, add them up and divide them by 12. and your average energy consumption.

If your home uses 12,000 kWh per year and you want to go 100% solar, your panels should be able to provide that.

Rule of thumb: Southwest states have more sun, Northeast less. But we need precise information. For this you can use this very useful sundial.

Should I Buy Solar Panels

Multiply that number by 30 and you have an estimate of how many kilowatt-hours of electricity a 1-kilowatt solar panel will produce in a month.

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Let’s say you live in California, where peak sunlight hours are 5-7.5 hours. So the peak sun time will be 6.25 hours. We can round it to 6 hours for ease of calculation. Now, if we multiply this by 30, we get 180 hours.

The wattage or energy rating indicates how much energy the panels will provide. Most panels installed today are around 320 watts. Of course, fewer panels with a higher power rating are needed.

Your monthly electricity consumption (kW) = monthly peak hours in your area (h) = size of solar system (kW)

Let’s say your monthly electricity consumption is 877 kWh.

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Now it’s easy to figure out how many solar panels you need. To convert from kilowatts to watts, multiply the size of your solar system by 1000 and divide by the power rating of the panels you plan to install.

Let’s say you live in California (6 hours of sunlight), use 877 kWh per month, and want to install a 320 watt panel.

The cost per watt for a solar panel system is between $2.50 and $3.50 depending on the geographic location of your home. So a 5 kW system in our example would cost at least $15,000.

Should I Buy Solar Panels

This is a lot of money, but if you’re looking to get a more accurate estimate, you’ll need to include additional costs. These include:

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On the other hand, if you choose solar panel leasing, you can expect very low costs and in some cases even zero upfront costs. Solar Leasing Company takes care of all installation, accessories and permits.

Leasing wins this round. Even with state taxes reduced by investment credits and state rates as high as 30%, you will face significant costs when you decide to purchase your solar system.

It’s not cheap, but you don’t have to worry about monthly costs when you buy a solar power system with cash.

If you have paid your bills correctly, you don’t have to worry too much about your monthly electricity bills.

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Once created, you can watch your fundraising fund grow. Whether you use a solar or personal loan, these payments will be determined by the length of the loan.

Solar leases typically include a sliding scale in pricing, which means an increase in monthly rent payments.

Oh! Does this mean I have to pay more in the third year than in the first year?

Should I Buy Solar Panels

This increase is determined by predicting how much electricity prices will increase in the future.

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Leasing may seem attractive compared to purchasing. There’s no need to search for the best deals on panels, fixtures and installation quotes.

However, you are in control of what happens under your roof. I’m not just talking about the number and location of panels.

If you sign a lease, you cannot tell the company what type and brand of solar panels will be installed.

When you decide to buy, with cash or credit, you can choose, for example, LG solar panels, which are durable and have a high efficiency of around 22%.

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SunPowerare solar panels are also worth considering if you can purchase them. They offer a good warranty and come with the highest efficiency among all brands, while still being reasonably priced.

Leasing companies always try to maximize their profits and look for immediate ROI regardless of the brand used.

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