While the idea of installing solar panels on your home or commercial building might seem enticing to you, the financial aspect of this decision can be enough to have people second-guessing if they really want to go through with this idea. But luckily, depending on where you live and your exact financial situation, you may be able to install solar panels for a much more affordable price, if you’re willing to put in a little extra work.
To help you see how this can be possible, and to help you prepare your finances for this decision, here are three financial decisions to consider when installing solar panel technology.
Determine How Much You Could Be Saving
One of the first financial questions you’ll want to find the answer to is how much money you could actually be saving if you decided to switch to using solar panels rather than other sources of energy for your home or commercial building.
To do this, look at your electric bill and see how much fluctuation you see over the course of a year. If you see a big swing in how much you’re paying in certain months compared to others, you’ll likely see a big swing in how much you’d be saving by having solar power during these months as well. Additionally, if you’re really not paying too much in electric energy now as it is, you likely won’t see a big difference in your monthly finances, either.
Do You Need Financial Help With Installation?
The actual installation of your solar panels is going to be the biggest cost that you’ll have to pay for. But if you go about this in the right way, you could cut these costs drastically.
Generally, just paying for the cost of the installation of the solar panels up front will be the most cost effective, especially if you’re planning on footing the bill yourself. However, you can also look into options like solar loans or a power purchase agreement, which can help offset the initial costs for you, albeit for some trade-offs down the road.
Understand The Maintenance Costs
Once you have your solar panels installed, there are still additional maintenance costs that you’ll need to figure out in order to have the full picture of what you’ll be paying for your solar energy on an ongoing basis.
Some of these ongoing costs will include things like getting your solar panels cleaned regularly and replacing inverters and batteries every few years or so. So while these costs likely won’t be coming up each month, knowing that they’re on the horizon will help you better prepare and budget.
If you’re thinking about installing solar panels, consider the financial aspect of this decision before you make your final choice.