Are Rhode Island Home Solar Panels a Good Investment?

November 9, 2022

Are you considering home solar panels in Rhode Island? If so, you might be wondering if the power they generate makes them worth the cost. Also, many homeowners wonder how solar panels affect their property values and a home’s roof!

A solar installation contractor is the best source of information when it comes to solar for your property. However, you might note some pros and cons of solar panels for your Rhode Island home. In turn, you can make an educated decision when it comes to your property’s energy needs.

home solar panels rhode island

Are Home Solar Panels in Rhode Island Worth the Cost?

First, note some reasons why solar panels are so popular with homeowners today. Second, it’s also helpful to consider current tax credits and other financial incentives! These make solar more affordable than ever, and more cost-effective for homeowners.

Why choose solar for your home

Here are just a few reasons to consider solar for your home. Also, remember to ask a solar installer about more benefits for your property!

  • Solar panels reduce and potentially even eliminate power bills. In fact, an average Rhode Island household might save over $30,000 in energy bills over the course of solar ownership!
  • A solar installation often increases property values, typically by 4% or more. That’s $4000 for every $100,000 your home is currently valued at. In turn, you can build equity faster or sell your home for more if you should decide to relocate.
  • Investing in solar means reducing carbon emissions and pollutants produced by electric power plants.
  • Solar panels protect roof materials from damage due to sun exposure!
  • Installing solar is not a job that company owners can outsource. Consequently, your solar investment means jobs for your area, stimulating the local economy.

What are the cons of investing in residential solar?

For many solar panel owners, their initial investment cost is the only downside to going solar. On average, a homeowner might pay about $12,000 for their solar array, after applying all tax credits and other incentives. However, it’s also useful to note that those panels pay for themselves after about 8 years, on average.

In turn, any energy cost reduction after that time is just money in your pocket! As such, homeowners would do well to consider solar panels as a long-term investment. While upfront costs might seem steep, they’re a great choice for saving money in the long run.

is solar worth it in rhode island

Can You Sell Solar Energy Your Panels Produce?

Homeowners often wonder if they can sell energy that solar panels produce back to their utility company. The short answer is yes! Rhode Island mandates net metering, a program that gives you credit for power your panels produce.

Net metering is a simple program that doesn’t require any extra steps from homeowners. First, your solar panel installer contacts your energy company for their requirements. Second, they wire your panels and inverter back to your local utility company.

Then, the local utility company still supplies your home with needed power. However, the utility company credits you for solar power produced. In turn, your bills are reduced or potentially even eliminated. Also, you’re credited for any extra power produced by solar panels, beyond your usage.

How Long Do Home Solar Panels Last in Rhode Island?

Solar panels have no moving parts, so they don’t tend to seize up and stop working one day simply. Instead, sun exposure and everyday wear and tear makes them less efficient over time. Most solar panels lose about 0.5% to 1% of their efficiency every year. What does this mean?

Simply stated, your solar panels produce about 0.5% to 1% less power every year. In turn, a 10-year-old panel might work about 90-95% as effectively as a new panel. Thirty-year-old panels might produce just 70-85% of the power they produce when newly installed.

Consequently, many homeowners find that they’re ready for new panel installation after some 20 to 30 years. At that time, power produced by new panels helps offset the cost of their installation. Also, a homeowner might donate their old panels to an area school, library, or another facility. In some cases, you might receive a tax credit for their value, if they’re considered a charitable donation.

Go Solar Rhode Island is happy to bring you this information about home solar panels in Rhode Island. Hopefully, you found it useful in making a decision for your property! If you’re ready to enjoy clean, green solar, call our Rhode Island solar panel installation contractors. We carry name-brand, reputable materials and start every project with a FREE quote. For more information, contact us today.

 

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