The high upfront cost of installing solar power in Salt Lake City and elsewhere in Utah is one of the biggest drawbacks for harvesting sunlight as an alternative energy source.
If you are decided on using solar energy, it pays to determine whether or not the benefits will outweigh the advantages. The Solar Energy Industries Association said that it is a growing market in the state, but you should fully understand the nuances before planning to install it for your home.
Understanding Solar Energy
There is an unlimited source of power from sunlight since it is renewable energy. However, the sun doesn’t shine all day, and this means your power supply will be limited during the night and cloudy days. Still, it is a good power source for those who want a sustainable and environment-friendly alternative.
Solar power’s eco-friendliness stems from zero emissions due to the non-combustion of chemical to produce energy. Depending on the installed capacity, you could use it to support almost any kind of household appliances. By the time you decide on a suitable type, you should then prepare your budget for a steep price.
Cost Of Installation
The average cost of installing a solar panel system may range between $16,243 and $30,290. It could even cost up to $42,000 for larger homes. Most installations produce around 5 kilowatts of power, which means you’re bound to spend up to $35,000. You may choose to buy solar panels without any down payment through purchase power agreements, which provide you with immediate savings on utility bills.
According to the National Renewable Energy Laboratory, homes with solar energy fetch for 17% more of the original sale price when placed on the market. If you plan to resell your property in the future, this could be a good way to increase your asking price. Whether or not you plan to sell, solar power somehow prevents you paying higher electricity bills and no longer depend on the conventional power grid.
Utah offers a $1,600 tax credit for those who invest in solar energy this year. They also become eligible to a 30% tax credit from the federal government. By next year, however, that will be just 26%. It may still be a good incentive, but doing it this year would save you more money.
Solar experts also think that storage technologies will be more diverse within the next four years. Hence, homeowners will have more options. Be aware that cutting corners on solar energy isn’t recommended. Those who want to use it for the next 30 years should be ready to pay a decent amount. One way to avoid buying substandard solar panels requires you to conduct industry research involving different manufacturers. It also helps to know the best electricians that are licensed to work on solar panel systems.
Once you determine that solar energy is a good fit for your energy needs, choosing a contractor for proper installation will be the next step. Don’t settle for the first service provider that you see, since shopping around for different rates will help in saving money.