What determines if solar is a worthwhile investment? A few things. Take a few minutes to find out whether going solar would benefit you financially, or just put you a step ahead of those darn Joneses.
1. Sunshine on your roof
Do you live in the frozen north? Does your house sit under a lush canopy of trees? If there’s no sunlight on your roof, there’s nothing to turn into energy. Consider a ground mount system out in the yard, moving, or just not going solar. If, however, your roof, is constantly bathed in the sun’s brilliance, solar is probably a win for you.
2. Grid energy price
If you buy energy for 6¢ per kilowatt-hour, like they do up in Idaho, solar can’t compete on a price basis. Most utilities charge a lot more than that, though, and energy rates are on the rise. Be sure you understand your true cost of energy before you spend a bunch of money to make your own.
3. Cost of solar
System installation prices are all across the board, so be sure to get a few quotes before you commit to one provider. Your installer can easily make the difference between a sound investment, and flushing money down the drain.
Find out if solar will be good for you.
Talk to a friendly, non-pushy solar consultant.
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Solar turns a liability into an asset
There are some things in life that just suck money. Things you need, like car insurance, an Internet connection, food, and yes, energy.
And then there are things that come at a cost, but increase in value, grow equity, or pay you back with interest. Think retirement accounts, stocks, and the home you own.
A typical energy bill is simply an expense you can’t avoid. But an energy-producing solar array is an investment that pays itself off and keeps on giving. Not only will it improve your cash flow in almost every case, but the cash it costs goes into your net worth column, not down the drain.