Solar panels are an amazing clean energy alternative that more people are adopting, but it's not always easy to find the best option for your home and family.
In the r/MiddleClassFinance subreddit, a Reddit user asked for advice on whether they should take the plunge and invest in solar panels as a form of passive income from state incentive payments. They listed the estimated cost and described how much energy they currently use per month and what they pay for it.
The original poster also mentioned that they're planning to add a new addition to their house with a heat pump and a new roof.
"Does it make sense to buy solar panels in my situation?" they asked.
Some commenters agreed, but others suggested they might get a better return by investing their money in stocks or waiting for solar panels to hopefully go down in price in the future.
"The funny thing is that solar after 10 years under OP's scenario is probably a better investment. Let's do some math," one commenter said.
This user worked out that over the course of 10 years, the poster would likely make more than $7,500 by moving ahead with solar panels, rather than putting that same money into the stock market.
"Moreover, calculating the investment over the 25-year life of the solar creates an even bigger difference in favor of solar, even if someone does have to replace inverters and panels on occasion," they concluded.
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Solar panels are the ultimate home energy hack because they can bring your cost of energy down to or near $0 over time. They also help make your home more resilient in the face of extreme weather events and decrease their pollution output.
There's a lot to consider when making the switch to solar, and companies like EnergySage can assist you through the process. EnergySage provides free services for easily comparing quotes and estimates from local installers.
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If you were to install home solar panels, which of these factors would be your primary motivation? Click your choice to see results and speak your mind. |
Energy independence ⚡ With EnergySage's help, you can potentially get nearly $10,000 in incentives for solar purchases and installations. EnergySage also provides a mapping tool that shows the average cost of a home solar panel system and available incentives by state. This can help you get the best price and all the available rebates and credits.
Keep in mind that government incentives for installing solar panels may not be available forever. If eliminated, homeowners would need to complete their solar installations by the end of this year to get a 30% tax credit. Taking advantage of this sooner rather than later could be worth thousands of dollars.
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Solar panels can be a big investment upfront, but there are accessible options available, such as leasing panels temporarily. Palmetto's LightReach leasing program installs panels for no money down and lets users lock in low energy rates. This allows you to avoid fluctuating energy prices and still help the planet.
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