Many people that are considering solar wonder if solar is financially worth it. Switching to solar energy is not only a financial investment, but an environmental one as well. However, like any other investment, it takes a few years for those who go solar to see the impact of their time and money.
As you can see here, solar is a great investment for the long-term. After breaking even on your initial investment, you have the potential to save three times as much money as your originally invested into your solar project. In addition, according to the Lawrence Berkeley National Laboratory, on average, solar increased the value of a home by roughly $15,000 (1).
Over the last decade, the price of a residential solar panel system has decreased by an annual average of over 60% (2). While the exact amount solar owners save from a solar system varies with every project, some of the factors that contribute are (1):
The size and angle of the roof
Daily hours of direct sunlight
Local electricity rates
Whether the system is purchased or leased
So, is solar financially worth it? Absolutely. Aside from the financial benefits of going solar, we cannot expect natural gas prices and electricity rates to decrease anytime soon. Especially with the war in Ukraine causing increased prices for utilities worldwide, prices have only been increasing. Going solar gives homeowners the opportunity to take control of their energy and maintain reasonable prices for power. Make the switch today!