Solar panels promise a way to reduce energy costs and lower your environmental footprint — but is it worth the investment? For those considering solar, it's a fair question.
The scoop
A recent post on the r/Denver subreddit asked solar panel owners to give their honest take on the financial side of their solar investment, seeking feedback, including real numbers, to help others considering solar decide if it's a good financial move.
Redditors were encouraged to provide their savings and upfront costs as well as how long it took to receive a return on investment. Many shared stories of significant savings in energy bills after installation and cited the importance of government incentives (such as federal tax credits) in making solar more affordable.
One user who went solar with Sunrun shared that they spent $15,500 for the panels and installation, with a $5,000 tax refund helping offset the cost. Their solar loan costs $230 a month, but they're saving an estimated $400 per month compared to what they would have paid for traditional energy. They also shared that they're adding an electric vehicle to the mix, which will further reduce their costs.
Other users cautioned potential buyers that while solar panels can reduce your energy bills, it can take years. "It'll take 10-15 years for your ROI. Consider that, and be sure to have a long panel warranty and insurance that covers them in weather. You won't see a difference in monthly cost if you're making payments in them. You will see a reduction in your bill for sure though," one user said.
How it's working
The main financial benefit is clear: Going solar drastically reduces your energy bills. While it may take years to break even, once the panels are paid off, the savings pile up quickly.
Going solar also has a positive environmental impact. By reducing reliance on dirty energy sources for energy production, you lower the carbon footprint associated with your home. Solar energy is a cleaner alternative to traditional electricity sourced from coal or gas, meaning fewer polluting gases.
If you're considering installing solar panels, using services such as EnergySage can help you compare quotes and find the best deal. Taking advantage of federal incentives, such as the solar investment tax credit, can make solar more affordable, but these incentives may not be available forever. Given potential changes to solar subsidies under the incoming presidential administration, it's a good idea to act sooner rather than later. While changes to the Inflation Reduction Act would need approval from Congress, there's no guarantee the incentives will continue to be available.
What people are saying
When it comes to making the decision to go solar, opinions vary, but the consensus is clear: It's an investment that, in many cases, pays off over time.
🗣️ If you were to install home solar panels, which of these factors would be your primary motivation?
🔘 Energy independence ⚡
🔘 Lower power bills 💰
🔘 Helping the planet 🌎
🔘 No chance I ever go solar 🚫
🗳️ Click your choice to see results and speak your mind
"We went live Dec 2019, and our bill has been $0 every month. … In short, we find it worth it," the Sunrun client said.
Another commenter echoed their satisfaction but added advice: "I'm very very happy with my panels and would do it again in a heartbeat. The only thing I wish is that I'd sized my panel install to be 100% of usage and not 85% because I've ended up using more over time (I now have a NAS in my basement, a bunch of home automation stuff that's always on, etc, etc)."
Overall, people agree that going solar can pay off in the long run, but it's not a quick fix. For those willing to wait it out, the lower energy bills and eco-friendly benefits make it a win.
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