Is Getting Solar Power Really Worth It?
We will be discussing the benefits of solar power, the payback period and savings as well as government incentives to encourage the use of solar energy. These factors will help determine if solar power is worth the investment. Before making the decision, do your homework and understand how solar energy works. Read on to learn more! If you are unsure whether it is worth the money, talk to an experienced installer. The payback period varies from customer to customer and depends on the cost of installation as well as the location.
Since 2010, solar power prices have fallen
Although it is true that solar power prices have fallen dramatically since the advent of the solar revolution, very few experts anticipated such a dramatic drop. Most experts predicted a slow, gradual decline and not a drastic one. They were unable to predict the next decade of cost cuts. However, the average annual drop in solar power prices was 15% according to a meta analysis of 2,900 predictions. Today, consumers can find solar power panels and systems for a fraction of their original cost.
Solar power can save you money
This article will explain how solar power can help reduce your electricity bills. You may be surprised to find out that federal rebates are possible. You can save thousands of dollars each year by installing a solar power plant. The solar investment credit can be worth up 26% of the cost of your system. That’s a fantastic deal! But how much of a savings do you need to make?
Payback period
The payback period for solar panels is calculated by subtracting the total cost of installation from the total savings from reduced electricity bills. If a consumer spends $16,000 on solar electricity, she will receive a $4,000 tax cut, and her payback period is eight years. This is true if electricity rates are not increasing, which will reduce the payback time.
Government incentives
Modi government announced last month that it would provide financial incentives for companies that produce solar energy and batteries in India. These incentives already have a significant impact on India’s solar market. CubicPV and other companies are looking for Indian partners to take advantage the incentives. These are just two examples of the government’s support of solar energy. Let’s explore these more in-depth. Here are the main benefits of solar incentives.
Financing options
The cost of the upfront investment is often the biggest barrier to closing a solar power project. To maximize the return on investment, it is important to understand solar financing options. Solar loans offer many benefits such as low interest rates, favorable loan terms, fees, and other benefits. It is important to choose a solar loan provider who works with the right financial institutions. You can find solar financing companies through the Solar Marketplace, which is free to join.