The value or otherwise of solar panels depends on the circumstances of the individual home. The following is a comprehensive cost-benefit analysis for reference:
1. Cost: The cost of installing solar panels includes the solar panels, inverter, installation costs, etc. The initial cost of installing solar panels is relatively high, but you can reduce costs through tax credits, portfolio loans, and other incentives. In many areas, an energy assessment prior to installing solar panels can help determine the best system for your home, thereby reducing costs.
2. Electricity savings: Installing solar panels can allow households to reduce or completely eliminate their monthly electricity bills. If you live in an area with high electricity costs, the payback time will be faster. The monthly electricity savings depends on the amount of energy used by the home and the amount of electricity generated by the installed panels.
3. Increase property value: Installing solar panels will make your home more marketable and attractive to people who buy such homes. The increase in property value depends on the actual value of the home and the market conditions of the surrounding homes.
On balance, the cost of solar panels is in most cases recoverable, depending on your home’s electricity usage, the rates of electricity in your area, and possible tax credits and other incentives. There are also necessary aspects to installing solar panels such as environmental protection and climate change adaptation.
