The idea of harvesting solar energy can be very appealing to a homeowner, but is installing solar panels on the roof or property worth the investment?
This can be a tough question to answer because many variables affect cost. Such as:
- Price of energy production
- Solar panel installation
- Available rebates & tax credits (vary state to state)
- Average yearly energy consumption
Fortunately, New York and New Jersey rank #5 and #4 respectively when it comes to savings from installing solar panels! Below, we will go over tips for calculating the economic value of installing solar panels on Staten Island.
Use A Solar Calculator
Similar to using a tax preparation program to file your taxes yourself, a solar calculator will ask all the relevant questions when considering investing in solar panels. The cost of the project itself is one consideration, but so are financing, the local value it will add to your home, and other ways of calculating the return on investment.
Your Home and Property
Not only does the size of your roof matter when calculating the benefits of solar panels, but so does its pitch, any nearby trees or buildings, and the orientation of your home. The solar calculator will be able to use the specifics of your home to determine how much power your panels would be able to generate.
Hunt for Bargains
While considered a more expensive home improvement project, many programs can offset the cost of installing solar panels. Tax credits, special financing for green projects, and solar credits and rebates vary from state to state. They are available for most homeowners. Your solar calculator can maximize these savings.
In Staten Island, New York, for example, the average payback time for installing solar panels is 3 ½ years, with a lifetime energy savings of nearly $150,000. Again, these numbers fluctuate across states and other factors.
Installing Solar Panels in Staten Island is cost-effective and economical for many residents. For more information, you should give us a call today.