In the face of rising energy prices and increasing power outages, more U.S. homeowners are looking at solar as a potential solution. However, many rightfully wonder if panels are still a good investment as the industry reacts to federal incentives drying up.
According to Andrew Blok, Electrification Writer and Editor for Palmetto, the answer depends on several factors, including your roof condition, location, and home energy goals.
Blok explained in a Palmetto article that solar panels typically cost anywhere from $2.36 to $3.24 per watt. However, the total cost can vary dramatically based on your system size, incentives available, and location.
One of the most important factors to consider before going solar is your payback period, or the point at which the energy bill savings surpass the upfront cost of installing panels. While homeowners often see substantial long-term savings thanks to modern solar panels lasting 25 years or more, the exact payoff can vary depending on how the system is financed and installed.
While homeowners typically see the most savings by buying outright, leasing options, like the $0-down plans from Palmetto, can still be a worthy investment for those who are concerned about the upfront installation costs of purchasing solar panels.
Solar panel production and subsequent bill savings can vary by season. To get a more accurate picture of overall savings, Blok recommended focusing on annual or multi-year data rather than short-term results.
According to Palmetto, homeowners across the country can see substantial long-term returns from solar investments. Its state-by-state estimates suggest homeowners can save anywhere from $54,000 to $119,000 on their energy bills over 25 years with solar.
Homeowners who upgrade typically have a payback period of seven to 12 years.
Get $1,000 cash to slash your bills with rooftop solar panels for $0 down and low monthly payments Whatever your solar budget, Palmetto can help you save. If you want to buy your own panels, Palmetto's advisors can help you save up to $10,000 on installation through a network of preferred installers. And if you'd rather get solar savings without upfront costs, Palmetto's revolutionary LightReach subscription program can deliver — including an exclusive $1,000 cashback offer for TCD readers. LightReach lets you lease solar panels with no money down, making it painless to lock in long-term savings of up to 33% off your current power bill. Palmetto covers a 25-year warranty for the panels, which means you'll get reliable performance without unforeseen costs. To get started, just book a short meeting with Palmetto's experts to explore your options and find the solution that's right for you. |
To calculate your own payback period, divide the total upfront cost of a solar panel system in your area by your estimated annual energy bill savings. Because electricity prices tend to rise over time, the actual payback period may end up being shorter than your initial estimate.
Other than bill savings, solar panels can help you lower pollution from your home, boost your property value, and, when paired with a battery backup, can protect your home from outages.
To see which solar plan is best for your situation, connect with the experts at Palmetto. They have helpful tools and a $0-down leasing option called LightReach that can lower your utility bill by up to 20%.
Plus, to boost your savings even more, consider pairing solar panels with an ultra-efficient heat pump. Palmetto also offers an HVAC leasing program that starts at just $99 a month and includes 12 years of free maintenance.
Get TCD's free newsletters for easy tips, smart advice, and a chance to earn $5,000 toward home upgrades. To see more stories like this one, change your Google preferences here.
Cool Picks
