Making any kind of upgrade to your home can be tricky to navigate, so one homeowner turned to the internet for advice on solar panels, receiving a flood of responses to guide them on saving money.
A Redditor living in the Chino-Ontario, California, area posed a question in the r/solar subreddit about the best way to purchase solar panels. They said they see panels at Costco and advertising from independent companies but have also read "they all are trying to bamboozle us into PPA or leases."
"So is it even worth the investment anymore as it seems the solar service is second to the financing loan aspect? Is it only the best way if you buy panels outright? What are your thoughts?" they asked.
|
What is stopping you from upgrading to a heat pump system?
Click your choice to see results and speak your mind. |
The cost of installation 💵 In the comments, people broke down their costs to try to help the homeowner. One person advised looking at the savings over 25 years, and calculating the payback period, which is the amount of time it takes for the money spent installing the solar panels to outweigh the money being saved (and in some cases earned) on your electricity bill. The helpful Redditor explained their payback period ended up being seven years, and they were saving by not owing anything on their bill from credits from the energy they put back in the grid.
CNET broke the formula down clearly as "(Total solar system costs - rebates) / Electricity bill savings per year = Payback period in years." In their example, if a solar panel system cost $25,000, minus $10,000 in incentives from the Inflation Reduction Act, and you know the panels will save you $1,500 per year on your bill, you've got a 10-year payback period.
One thing to note about the Inflation Reduction Act is that it is on the list of things President Donald Trump would like to eliminate, a promise he made on the campaign trail. However, any change would take an act of Congress, so if you're interested in adding solar to your home, it's better to do it sooner than later while the IRA's benefits remain active.
EnergySage has an excellent guide to help you understand all these calculations, rebates, and incentives to maximize your payback period and, ultimately, savings to get the best possible outcome tailored to you.
Solar panels are one of the best upgrades you can make to your home to help reduce your impact on the environment, as they create energy without pollution. That means lower planet-warming emissions overall, leading to better quality of life for every living thing on Earth.
Join our free newsletter for easy tips to save more and waste less, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
