You’ve probably seen some solar panels in your neighbourhood. You may have heard about them on the news or even seen ads for them online.
The big question most homeowners have is – “Will I actually save money by going solar?”
The answer is…it depends.
First we need to see if solar panels are suitable for your house, then we can see if it makes financial sense.
Let’s dive in…
Your Roof Has To Work
Solar panels can only produce electricity when they are exposed to the sun. The more sunlight that hits your panels, the better.
You want to install your panels on a section of roof that is facing south. This means that your panels will get sun all day as the sun rises in the east and sets in the west.
If your south-facing section of roof is covered in shade all day, you will have a hard time generating enough electricity to justify the costs.
Note: Please do not get on your roof to check this out!
Walk 20 to 30 feet away from your house and take a look at the south facing section at various times of the day. Take note if there are any large trees or other buildings that cause a shadow.
If you are getting sun for the majority of the day you should be good to proceed to the next step.
Momentum Solar, a trusted nationwide solar installer, will let you know how much sun you get and if going solar makes sense for your home.
Check Your Sun Coverage
Check Federal & State Tax Credits
The U.S. government fully supports residential solar panel installation. In fact, the federal solar investment tax incentive (ITC) will pay off 30% of the cost of your installation!
Unfortunately, the federal government is lowering that credit to 26% in 2020 and 22% in 2021. In 2022, the tax incentive will be gone.
Here’s a chart for comparison:
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For Example: If your solar panels costs $12,000, you save $1,360 more by installing them in 2019 instead of 2021. If you wait until 2022, you will miss out on the entire savings of $4,000.
If you are serious about getting solar panels – get it done in 2019 while the 30% tax credit still applies.
Each state also offers additional tax credits for homeowners. Each state is different so your savings will vary based on where you live.
See the federal and state tax credits that are currently available, and if you would qualify for them. You can save over 30% on your system!
Check Your Tax Credits
Know Your Current Electricity Costs
Your electricity cost depends on where you live in the United States. Connecticut has the highest cost of electricity whereas Washington has the lowest cost.
The higher your costs, the more you can save after switching to solar. Homeowners are averaging a savings of at least $100 a month.
During the summer months, most solar panels generate more electricity than you need. The electrical company will buy the extra electricity you make to help power other homes.
Not only will you be contributing to your community – you will also get a credit on your electrical bill.
Electricity costs vary by state and zip code. Compare what you are paying now to what it would be with a solar system.
Compare Electricity Costs
Compare Leasing vs. Buying
Every household will need to decide whether buying or leasing make more sense to them.
Buying your own system up front is more expensive, but you have peace of mind knowing you aren’t paying any interest or extra fees.
The investment also adds significant value to your home. Most homeowners see a payback period on their investment within 10 years.
Leasing your system is becoming increasingly popular these days. There are $0 upfront fees and you see savings on your electrical bill right away.
The numbers are alot different when you buy vs. lease. Each has it’s own advantages. See what works best for you.
Compare Financing Options
How Much Will You Save?
This is a complex question based on how much sun you get, what your current costs are, and the type of system you choose to get.
We recommend talking with a trusted installer like Momentum Solar. They ask you a few questions and provide you a fully transparent solar quote online. They don’t encourage you to go solar if the savings do not offset the costs. In fact, they disqualify 30% of homeowners who approach them for a solar installation.
Momentum Solar covers all aspects of your solar journey from initial consultation, on-site assessment, installation and financing.
They even provide you a mobile app to check the status of your solar system and how much electricity is being generated.
Momentum Solar has one of the highest customer satisfaction ratings in the industry…
“Thanks Momentum! I am so happy with the savings I get on my electric bill. My bill has gone down around $150 every month. I’m putting the savings towards our family vacation fund.”
– Paula from New Jersey
“We wanted to save money and do something that’s good for the environment. I went with Momentum because of the products and services they offer, the pricing and ultimately our salesman.”
– Michael from Florida
“Coming from a background in construction, I wanted every wire to be perfect, and everything squared, conduit straight. Momentum nailed every facet of that.”
– Zach from Texas
