It’s no doubt that installing renewable power systems, such as solar panels, provides a lot of great benefits; everything – from saving money to reducing carbon footprints. But just like many other things, installing solar panels is a big decision that anybody shouldn’t take lightly. While the cost of solar panels has gone down significantly in the recent years, renewable power systems are still considered an expensive investment. But aside from the cost, there are number of things you need to consider before going solar, and here are some of those:
It’s important to realize that not all solar panels work for every home. If you live in an area where it’s always cloudy or you only get a few hours of sunlight each day, then you may want to think about whether you should install solar panels. As you know, solar panels generate energy from the sun. Well, a reputable solar panel installer/engineer should help you determine where to properly install the system and make it more efficient.
To make your investment worthwhile, you will need a larger roof space. A large roof space allows you to install as much as solar panels you need and collect more energy. But keep in mind that there are many different types of solar panels with varying sizes and efficiency. If you want to maximize your savings, determine how much roof space you have available and find the system that will best fit to your home.
While solar panels can provide significant electric savings, it’s important to know that it takes time before you can actually start getting any return on your initial investment. In many states, homeowners are expecting to see results somewhere between 10 and 20 years. Well, that really seems too long; but if you’re planning to stay at your house for that long, that shouldn’t be a problem.
Buy or lease
Many people who don’t have the capability to afford the upfront cost of solar panels are turning to leasing. While this is a great alternative for going solar, it can also have some downsides. When you decide to go with leasing, you pay for that system that will never belong to you. You may also have trouble selling your home if you have leased solar system, as most buyers would rather want to buy a brand new solar system with 30% tax credit than take over the leasing their explanation.
State and local tax
One of the many great advantages of installing solar panels is getting tax benefits and other federal incentives. However, if you’re not familiar with the tax laws, you might miss this advantage. Start searching about tax credits and benefits you can get from installing solar panels before going solar. Make sure that you also maintain your compliance with all the eligibility requirements to be able to take advantage of these benefits. If this process seems daunting to you, seek some professional advice. Visit taxreturn247.com.au for more information and guidance.