Solar panels are not a luxury item. They are an investment. They can generate electricity for your home and provide you with savings on your monthly utility bill. In fact, solar panel installation costs can be recouped in under 10 years. Keep the same energy quotes.

The right solar installation will also result in significant energy cost savings over time by providing free energy to power your home or business with no electric bills or out of pocket expenses.

Furthermore, investments in solar panels will eventually pay off as the price of these renewable energy sources continues to decrease while their efficacy increases and the amount of fossil fuels continues to dwindle and increase in price over time.

1. Price first

Solar panels would have a very hard time becoming a mainstream energy source if the cost of these technologies were prohibitively expensive. Fortunately, the price of solar panels have decreased significantly over the last decade and have become more affordable to people across all economic strata.

Buying solar panels should always be the first thing to consider when deciding on an energy source for your home or business. In fact, you may not even need to purchase solar panels if you save up enough money to invest in a solar system (mapped out here ).

2. Understand how much you should be paying for electricity

Electricity rates can vary wildly from one area to another depending on how many generators are available at any given time (e.g. during heat waves, cloudy or rainy days, or after a storm). As a result, the price of electricity for a particular area can fluctuate greatly.

This can be an issue if you do not know your average monthly electric bill. For example, if you plan to install solar panels and do not know what your average monthly bill is, do not go all-in and end up paying more than what you would have if you had only purchased solar panels and installed them on your home (or business) without having first figured out how much electricity costs you on a monthly basis.

3. Have an idea of how much you will be installing

The cost of solar panels is often most accurately determined by calculating the total square footage of your home or business and the amount of electricity you use per day. Once you know these two pieces, then you can determine if it makes more financial sense to purchase a solar panel system and finance it yourself (at least initially), or if investing in off-grid solar would make more economic sense.

4. Consider your time frame for payback

Buying solar panels is a commitment and should be treated as such. People should not buy these technologies and then abandon them in a few years when they get tired of paying the electric bill or come across financial difficulties. Solar panels can last 30+ years if they are well-maintained, so you need to consider how long you plan on staying in the home or business where they will be installed and make sure to purchase solar panels that will pay for themselves in that time frame.

On some occasions, people may purchase solar panels only to sell their home (and realize a capital gain) shortly thereafter. The financial gain can be significant but it all depends on whether you are able to recoup your initial investment in the solar panel system and if you will be able to sell your home for a profit within the next three to five years.

One way around this is to purchase solar panels with a longer warranty or an option whereby they will automatically be paid off at the end of X years (e.g. 30 years). If this is something that sounds appealing, then we recommend you do your own research into these types of financing options when considering solar panels (you can learn more here ).

5. Evaluate the environmental effects of solar panels

Solar panels will have a negative impact on the environment if they are unable to keep up with the growing demand for electricity. The majority of solar installations fail because they are installed without considering how much power (read: electricity) they will be producing.

By taking these factors into consideration, you can make sure that you will be able to produce enough power with your solar panels to meet your energy needs and not damage the environment in any way.

6. Know which solar panels are best for you

Again, the specific type of solar panels that you should have installed has a lot to do with how much energy they can produce and whether they have been designed to withstand any harsh weather conditions (e.g. snow, hail, rain, extreme heat). For example, if you live in a snowy area and plan to use your solar panels to its maximum potential (generating more power than the average American household), then you will want to invest in high-grade solar panel technology that can withstand the elements.

There are many labels that could be given to describe me, but one thing’s for certain: I am an entrepreneur with passion. Whether it's building websites and social media campaigns for new businesses or traveling the world on business trips - being entrepreneurs means constantly looking at yourself in a different light so as not get bored of your own success!

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