If you’re interested in installing residential solar panels, you have likely been bombarded with solar marketing. Making a decision whether to install solar panels or not depends on different situations. Solar panels are not for everyone. To grasp the impact of solar panels, we have listed some pros and cons to help you make an informed decision.
Rise of Solar Energy in Ohio
Ohio is not a bad place for going solar. Ohio ranks at #19 in America for savings from solar panels. Ohio also has an SREC (Solar Renewable Energy Credits) program. Also, the Solar Carve and the RPS (Renewable Portfolio Standard) in Ohio is as low as $15 per SERC. All utilities in Ohio must offer net metering - where utilities compensate the customer for extra solar energy produced - to the customers. Net metering plus the 30% federal tax credit as well as the SREC program, makes solar a great choice for any home or business in Ohio.
Changes in Solar Energy System
Since 2016, there have been several articles that have listed down the advantages and disadvantages of residential solar panels for homeowners. But since then, a lot has evolved.
Let's break down the pros and cons to get a deeper understanding. After this, it's up to you whether you want to go solar or not.
Let’s get started:
Installing residential solar panels has many advantages. Here we’re listing down the top ones:
Reduces or Eliminates your Electric Bills
The biggest benefit of residential solar panels is the reduction in electricity bills. As you begin to produce your own electricity you become less dependent on electric utility and see a reduction in your monthly electric bills. 25-30 years is the average life of a solar panel system. This means you get by a few decades with solar. Here is an estimation tool that you can use to find the approximate electricity bill savings.
Side Note: The prices of solar panels has dropped since the past few years. You don’t have to spend as much as you had to if you were a couple of years in the past. In Ohio, the average cost of solar panel per watt is $5.11. You can find out how various system sizes vary.
Renewable & Clean Energy
During the manufacturing of solar panels, some emissions and pollution are generated. But once in use, solar panels do not produce greenhouse gases. So with that, you eliminate one negative impact on the environment. Solar power is also renewable. It cannot run out like fossil fuels. Experts have forecasted that oil will likely run out in a couple of decades. With solar, you will take a step toward renewable energy.
Increase in Your Home’s Value:
Studies have shown that the value of your house increases if it has solar panels installed. This is because people prefer moving to a solar-powered house than to go through the hassle of installing one themselves. This consumer reality complements the studies that say a property value increases after the installation of solar. By investing in solar you get the profit and then some if you decide to move.
Pays you Money
The USA has some great solar incentives. Other than generating bill savings, solar panels can get you profit. SRECs and net metering are the two key benefits. These help you earn bill credits or extra cash. In such cases, you get a compensation for the electricity your solar panels generate. As a resident of Ohio, you have access to these two, which will lead to immediate and long-term returns from your investment in solar.
Control the Rising Energy Costs
Electricity rates are always fluctuating. Over the decade, the solar cost has dropped by almost 70 percent. But the electricity rate has gone up by 5 percent. These rates don't seem to be going down any time soon. So with solar, you will get the benefit in energy generation. Utilities are adapting to renewable energy. The U.S. government is also looking for ways to reduce greenhouse gas emissions. This, literally, is the best time to take the helm in solar.
Like everything else in the world, solar isn’t all that perfect. But we do believe that the advantages are much more profound compared to the disadvantages. Here are some issues relating to solar power.
Not for all Roof Types
If your home is one that dates back to the time when slate or cedar tiles were used then your house's roof is not compatible with residential solar panels. Also, there are some houses and apartment buildings with skylights or other additions that hinder the installation of solar panels. But this shouldn’t cause much of a problem. Even if your home does not qualify for a rooftop solar installation, you have the option of ground mounted solar panels or getting a share in a community solar garden.
Not ideal for Relocating
If you’re a young homeowner, and would likely move in the coming years, then solar could be a wasted investment. But as we have discussed, solar adds value to your property. So, if you’re buying your solar panel system with a cash purchase or loan, this can be easily avoided.
Expensive to Install
Even if you get to save from electricity bills, buying solar panels upfront costs a lot of money. The more energy you need, the more money it will cost. On the plus side, the government can give you credits for adding solar panels. To overcome this argument, there are studies that show solar energy is getting cheaper year after year. In 2018, the average amount a homeowner is paying to install solar is between $2.71 and $3.57 per watt. You can see here how much a solar power system will cost you in different states.
Finding the Right Installer
As solar is a fast-growing energy market, there are many companies out there using various sales tactics. This causes many of the prospects to enter a stressful and confusing scenario. YellowLite is a solar installation platform that has been focused only on the design and installation of solar energy systems.
After considering the pros and cons of solar energy panels, we have deduced the following:
- Rooftop solar panel installation is not a procedure everyone can adapt to.
- Solar energy is an investment in a greener future for you and your home.
- The US government is making a shift to clean energy and solar is the cheapest option we have to help our country generate clean energy.
So here we have it. The complete guide to what residential solar panels can do for us. You can even check out the direct and indirect benefits of solar panels to put your heart at ease before you make your investment.