Is solar power in your future? The combo of new government tax credits and incentives and manufacturers dropping prices to entice customers in a down market means that it’s less expensive than ever to equip your home with solar panels. That doesn’t mean it’s cheap. That also doesn’t mean solar power makes sense in all homes and locations. But for more and more homeowners, going solar is increasingly as good for their finances as it is for the environment.
An LA Times story lays out the debate:
A well-designed solar-power system can reduce your annual electricity expense to zero over the 25- to 30-year life of the panels. Spending $20,000 or more on a system today amounts to pre-paying your power bill for the next three decades.
Is that a smart decision?
If your aim is to help the planet, the answer is a resounding yes.
If you’re looking to save money, it depends.
Not all homes are good candidates. Generally, the higher your current electric bill and the sunnier your roof, the more solar makes sense. Still, payback can easily take a decade or more.
Oh, and before you install solar panels on your house, you may or may not want to paint your roof white.