Is Solar Power the Best Choice for You?

You have probably heard about how converting to solar power can add up to big financial savings. The question is does it make economical sense for everyone? When you use power from the sun it is free energy and it can be a very significant and smart way to reduce your energy costs. While it is an excellent renewable energy resource it is not necessarily the most appropriate choice for every home. Before you go ahead and install a solar electricity system in your residence you need to learn as much about it as you can. Let us look at some things that it is helpful for you to be informed about. 

How much money are you willing to pay upfront for solar power? The costs associated with installing solar panels in a home vary depending on the state you reside in, the size of the system you have in mind and the amount of electricity you use. On average you are looking at a $25,000 outlay or approximately $40,000 before incentives are taken into account. 

If you are hoping to get solar power but only have $10,000 or less to work with then your best bet would be to have a solar hot water system put into your home. It should cost you anywhere from $6,000 to $7,000 to put in this system and it should take care of the hot water requirements in your house for the entire year. This is a good choice to make if you live in an area with lots of sunshine, if you use a fair amount of hot water, or if you have an oil hot water tank or a gas fired hot water tank. 

Your motivation regarding solar power makes a difference. Ask yourself why you want solar energy? Is it about saving money? Is it because you are concerned about the environment and want to move away from the use of fossil fuels? Is it because other people are using it? Figuring out why you want solar power can get you one step closer to deciding if it is an investment that is suitable for you. If it takes you 10 to 15 years for the solar system to pay for itself then you may decide that that is too much money to spend and it will take too long for you to see your return. You might decide instead to invest in something else such as energy efficient windows that will pay out a great deal sooner. 

A look at your most recent utility bills over the past few months should give you an indication if solar energy is right for you. Figure out how much energy in terms of kilowatt-hours (kWh) you used in the recent past. If you are paying a low rate for your electricity bill on average such as eight to 10 cents a kilowatt-hour then a solar system is not likely to be the most attractive or reasonable choice for you. Solar panels are best for those people who live in areas where conventional electricity from the grid is costly.