Installing solar panels can be a smart investment, but you need to weigh the upfront costs versus long-term savings and home value boost carefully. Tanjent examine the financial pros and cons to help homeowners decide if solar is worthwhile and answer key questions homeowners have about costs and payback.
Here we look at Solar’s potential return on investment (ROI), breakeven timeframes, and other monetary considerations.
Potential benefits of home solar panels
- Lower or eliminate electric bills.
- Government funding and incentives can offset costs.
- Increased home value – appraisal boost and appeal to buyers.
Costs and breakeven timeframes
- System purchase and installation costs – £15k to £25k typical.
- Payback period can take 5-7 years or more.
- Need to live in home long enough to recoup investment.
Factors that impact value increase
- System size – more panels add more value.
- Newer systems worth more than dated ones.
- Location and electricity rates determine savings.
Other considerations
- Leasing may be an option to avoid big upfront costs.
- Check local rules and regulations on solar.
- Get at least three quotes to find best price.
Maintaining and upgrading solar systems
- Proper maintenance is important.
- Upgrading older panels can extend useful life.
- Removing panels if defective or before selling requires expense.
Conclusion: Key questions to ask before moving forward
- Am I committed to staying in this home long term?
- Does my roof need repairs that should happen before solar install?
- What financing options make the most sense for my situation?
Speak with local solar companies to get quotes and learn more before deciding on solar panels.
Click here for a solar quote from Tanjent.
