Solar panels can be economically and environmentally sound. According to Energy Saver, solar energy is sustainable, renewable, and plentiful. Benefits of solar for residents include cost savings, increased home value, and a reduction in greenhouse gas emissions.
They’ve become more accessible than ever. The Office of Energy Efficiency & Renewable Energy reports that the cost of solar PV panels has dropped nearly 70% since 2014. According to one research firm, in 2013, U.S. homes and businesses installed a new system every four minutes.
But, is solar power right for you? To help answer that question, here are five things to think about before making the switch:
The different options for installing a solar system.
Often, you don’t need to foot the entire bill for the total cost of going solar. Instead, you may be able to lease a system from a company that installs and maintains it. Or you may be able to work with a third party that actually owns the system and bills you (likely at a reduced rate) for electricity. Just keep in mind that installing and owning your own system may provide the best long-term return, and tax credits or rebates may help lower upfront costs.
Your current energy costs — and your future needs.
Depending on your situation, you could have relatively low energy bills now and not be as motivated to pursue solar as someone with higher costs. But what does the future look like? If your family is growing, your energy costs are probably about to grow, too. Investing in solar now might be worth your while.
The power a system would generate.
Have a reputable solar company measure the amount of sun your home gets, taking into account things such as shade, trees, etc., so you can make an informed decision about expected savings.
What your homeowner’s insurance policy says.
With any improvement that increases the value of your home, you need to make sure your insurance policy reflects the change. Give us a call at (610) 413-9880 to see if your policy already covers solar panels. If it doesn’t, we can help you amend it.
Your goals.
Are you mainly looking to save money? Help the environment? Both? Knowing your goals will help you determine whether solar is the right choice for you and which option makes the most sense. No matter what you choose, even considering solar means you’re thinking about energy a little differently. And that’s a good thing.
Renewable power can help protect you from rising energy costs and even power outages, not to mention the good it does for the environment. Just be sure to consider your options and all the costs involved before making the leap.
And, don’t forget to contact Berkshire Insurance Services at (610) 413-9880 or find us online to see how it would affect your Homeowners Insurance.
Call us