When you install solar panels, you’ll save money on your utility bills, gain energy independence, improve your home’s value and enjoy a fast return on investment. Sounds great, right?
While the benefits of going solar are undeniable, certain factors can affect your energy production and home PV system cost. Here’s what you need to consider as you plan your photovoltaic power project.
Can your rooftop accommodate solar panels?
Your home PV system will produce electricity for decades. Your roof needs to be in good condition before installation, as addressing problems later on will be both challenging and costly. If you’d rather not budget for roof repairs or replacement when you install solar panels, look at alternate placement options. A shed, carport or patio cover could work, or you might want to install a ground-mounted photovoltaic power system.
How much sunlight will your home PV system harness?
The more the sun shines on your solar panels, the more electricity they’ll produce. Your geographic location, the local weather patterns and shading on your property can all impact your photovoltaic power production. But if you solar potential seems less than ideal, don’t worry – an experienced professional contractor can still design a cost-effective PV system that meets your energy needs.
Will you qualify for financial incentives if you install solar panels?
Federal, state and local tax credits, grants and rebates can significantly cut the costs of going solar. However, you must meet the eligibility requirements to reap the savings. And many programs – including the lucrative federal solar investment tax credit (ITC) – are only available for a limited time. Review the available incentives and their qualification guidelines ahead of time to get an idea of how much money you can save on your home PV system installation.
How are you going to pay for your photovoltaic power project?
If you cannot afford to purchase your home PV system with cash – and let’s be real, most people are in this boat – you need to explore your options for financing. You might consider a home equity loan or a personal line of credit, or you may qualify for a FHA or PACE loan. And some professional photovoltaic contractors, including Intermountain Wind & Solar, offer affordable unsecured financing programs.
Why not go with a no-money-down lease? By leasing solar panels, you won’t own your PV system – which means you don’t get to claim any of the financial incentives for going solar. Plus, having a lease agreement can be a hindrance if you ever decide to sell your home.
If you’re planning to install solar panels and want to make an affordable switch to photovoltaic power, consult with the professional team at Intermountain Wind & Solar.
A long-time leader in the Intermountain West photovoltaic industry, Intermountain Wind & Solar offers free, no-obligation consultations to homeowners and businesses throughout Utah, Idaho, Oregon, Nevada and Wyoming. For answers to your home PV system questions and expert advice on how you can save the most money when you install solar panels, contact us today.