Are Solar Panels a Good Investment For Your Home? 1

Are Solar Panels a Good Investment For Your Home?

Good morning and happy Valentine’s Day to all our readers. From now and on, we will begin our blogs with a recap of some world events.

Since we last spoke
  • T-Mobile and Sprint, the countries 3rd and 4th largest wireless carriers, are merging. They plan on being the first company to legitimately roll-out 5G
  • Multinational oil & gas company BP announced Wednesday they plan to be “net zero” by 2050. This means they plan to eliminate/offset all carbon emissions from their operations and projects.
  • Amazon filed a lawsuit concerning the Pentagon’s decision to give a cloud computing contract to rival Microsoft; keep in mind the contract is worth $10B. Demanding President Trump, Secretary of Defense Mark Esper, and a handful of others to testify, they believe the Pentagon’s decision was “based on bias and bad faith”.
  • Coronavirus death toll has risen to 1,486 globally. Hong Kong confirmed 3 more cases yesterday.

 

The future is now

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.

 

Tesla Solar Roof

 

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.

 

How solar panels work

 

Benefits

Let’s talk money. Solar panels are not cheap upfront, and cost 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.

 

Solar Panels on roof

 

If a monetary benefit isn’t enough to convince you, think of the environment. Less 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 is 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 than 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!