Is Solar Panel Installation Worth It?

The US is now home to more than 100 gigawatts (GW) of solar capacity. That’s enough to supply free power to a whopping 18.6 million US homes.

The nation, with all its eco-conscious consumers, won’t stop there, though. Experts say solar panel installation projects will add 15.4 GW more of solar capacity this 2021.

All that should prompt you to switch to solar, too.

If you’re still on the fence about going green with sun-derived energy, though, then this guide is for you. We listed some of the questions to ask that can help you determine if going solar is worth it.

Do You Pay Federal Income Taxes?

The 2021 US federal income tax data summary reports that 144.3 million folks paid taxes in 2018. They made a total payment of $1.5 trillion for their individual income taxes.

If you pay federal income taxes yourself and you want to go green and save energy, solar panels may be right for you. That’s because you can take advantage of the federal solar investment tax credit (ITC).

With the ITC, you can get a dollar-for-dollar credit in the total taxes you need to pay the federal government. If you’re eligible and begin your solar panel installation anytime from 2021 to 2022, you can get a 26% credit. This drops to 22% for home solar panels installed by 2023.

Let’s say you qualify for the 26% ITC and your qualified solar panel installation costs amount to $10,000. In this case, you can claim a $2,600 credit (26% multiplied by $10,000). You can then deduct that $2,600 from the federal income taxes you initially had to pay.

As you can see, the ITC can definitely make going solar a worthy investment.

Do You Live In a State That Gets a Lot of Peak Sun Hours?

A peak sun hour equates to one hour of the day in which sunlight intensity averages 1,000 watts (W) per square meter. As such, the more peak sun hours you get, the greater the output of your solar panels. So, the higher the output, the greater your odds of eliminating electricity bills.

However, the number of peak sun hours depends on geographical factors. For example, the State of Arizona has approximately 7 to 8 peak sun hours a day. By contrast, Nevada gets 6 to 7.5 peak sun hours a day, while it’s 5 to 7.5 in California.

That huge supply of intense sunlight is a top reason going green with solar in those states is a smart idea.

However, even if you live somewhere with only 3 to 4 peak sun hours, you can still save energy. After all, every watt of solar energy you use is a watt of electricity you no longer have to pay for.

Do You Want to Trim Your Carbon Footprint?

In the US, the average person has a carbon footprint amounting to 16 tons. Gases like carbon dioxide, nitrous oxide, and methane make up that footprint.

That 16-ton average is four times higher than the global average of 4 tons.

Unfortunately, a high carbon footprint equates to massive greenhouse gas (GHG) emissions. GHG emissions, in turn, are top contributors to global warming and pollution.

That’s why you’d want a lower carbon footprint, as this means emitting fewer GHGs.

The good news is that solar, being a sustainable energy source, can help you do just that. In fact, the folks at Blue Raven Solar say that the average home solar system offsets 175 tons of carbon dioxide.

Schedule Your Solar Panel Installation ASAP

The fact alone that you can be free of electricity bills is enough reason to go solar. Add to that the ITC and the potential to reduce your carbon footprint. All that shows just how solar panel installation is no doubt a worthy investment.

So, as early as now, consider scheduling your solar panel system construction.

Looking for more innovative ways to improve your home, life, or even business? Browse our other blog categories for more useful insights then!