Are Solar Panels a Good Investment For Your Home?
Technology, or as defined by Miriam-Webster, is the practical application of knowledge, especially in a particular area. Technology can be found virtually everywhere, in your car, your phone, and even on your roof. If you’re wondering what we mean by “on your roof”, we are talking about Solar Panels!
Don’t like how solar panels look? Don’t worry, Tesla has developed something called a “Solar Roof”, or basically a roof with solar panel shingles. These shingles are powerful, more durable than regular shingles, and quite honestly, beautiful.
But before we start drooling over the Solar Roof, let’s take a deeper look at solar panels.
How does it work
Installed on your roof, solar panels are comprised of tons of photovoltaic cells linked together (photovoltaic means they convert sunlight into energy). They capture the sun’s energy, even on cloudy days, and transform it into energy you can use in your home. Since solar panels can not provide energy during the night, your home will remain connected to the National grid.
Benefits
Let’s talk money. Solar panels are not cheap upfront, and costs will vary depending on the size of your roof. It’s important to think of them as an investment; they WILL pay themselves off over time. You will drastically cut your electric bill since your energy will seldom come from a power company.
If a monetary benefit isn’t enough to convince you, think of the environment. Fewer fossil fuels will be used since you are harvesting your energy from a renewable resource. Fossil fuels are finite and release CO2 when consumed, meaning less CO2 will be entering our atmosphere.
Solar panels require very little maintenance, are reliable, and do not produce any noise. The best part? You can profit by selling your excess energy to the National grid.
Should I invest?
The answer to that question is: it depends. According to solar-estimate.org, the average payback time for solar panels in Ohio is 7 years and 8 months, with an average lifetime savings of $56,775. While solar panels will better work in sunnier states like Arizona, Ohio still has abundant sunlight to make things work. Also, solar panels purchased in Ohio are exempt from the state’s sales tax.
If you can afford the large sum of money it costs to purchase and install solar panels, it’s a great investment
Recap
Solar panels harvest the sun’s energy and transform it into energy that can be used in your home. Excess energy can be stored or even sold back to the National grid for a profit.
They are a costly but surely an investment that will pay itself off. In Ohio, they will save you an average of $56,775 over your lifetime and take roughly 7 years and 8 months to fully pay themselves off.
Thank you for reading our weekly blogs. Please reach out with topics you would like us to tackle in our future blogs!