Solar Energy For Your Home

If you plan on staying in the same home for the next 8-10 years it may make sense invest in solar panel technology for your home. The first thing is understanding how much energy your home uses. If your bill is over $200 a month on average, your roof is less than 10 years old and you are able to pay for the panels within 3-5 years then it makes sense to invest. Plan to budget between $30,000 to $50,000 for the panels. It sounds incredibly expensive much like buying a luxury car. The warranty on panels is usually 25 years so there isn't much to worry about as long as you commit to staying in the same home. When you do the math the savings are significant the longer you stay in your home. Let's say you spend $3,000 a year on electricity right now. The cost of energy goes up an average of about 4% a year. In ten years cost for a year of electricity would be $4,440. By the ten year mark you would have already saved at least $30,000. By the 25 year mark you would have saved at least $66,000 after you paid off the panels at year 10. Best of all the federal government offers a 30% tax credit that is good until 2016 on the total cost. It is a numbers game and not for everyone but for those small few who are in the right situation I highly recommend researching the idea.