Is Going Solar Worth It Yet?
Updated August 22nd, 2021
Is solar worth it? Many homeowners like yourself are now wondering “is the technology generating a sufficient return?.” It’s no secret that solar power has become increasingly more popular, but is it merely trendy or is it now a smart decision? Has solar panel cost come down far enough to make the expense of installation worthwhile?
Homeowners in Houston, Texas and throughout the United States are increasingly investing in renewable energy. The US has added more solar power (75,900 megawatts to be exact) than every other country, except for China, for the generation of electricity in 2021. Solar-generated power now accounts for around 39% of all new electricity produced. Wild, we know!
The current trend in the US is only a reflection of a broader global shift when it comes to using solar power as a source of energy for homes and businesses. According to data collected from the United Nations Environment Program, solar energy attracted $303.5 billion in investment last year, and has now become the fastest growing electricity source globally. So, is now the right time to join the green revolution in Texas? Let’s find out.
Solar technology has grown to heights unimaginable by its inventors, but never since its inception has photovoltaic technology advanced at the rate that it is today. Luckily, the wait is over and the it has finally plateaued. Some of the first solar panels installed in the 1980s are still going strong. It’s truly incredible. Today’s solar panels operate at an efficacy of 15 to 22 percent. While you will pay a slight premium to install panels with an efficacy on the higher end, it easily pays off. You can get a quick peek into the current state of the art solar panel technology here.
Is rooftop solar within reach today? More importantly – does it finally cost less than the value of the energy it produces?
Solar energy is more cost-effective, accessible and prevalent in the US than ever before. Since 2015, the average solar panel cost has dropped by 70%, while the cost of a full solar panel installation has fallen by 20% in just the past five years. Since the solar energy markets are maturing rapidly in the US, and the world, going solar has now become more economically viable than ever, especially in states such as, California, Texas, Minnesota and Hawaii.
Apart from being the cleanest energy source available, using solar power is also leading to better economic growth, job creation, and mitigating the effects of climate change, making it an appealing solution to meet the rising energy demands of modern society.
Also, you can get some more insight on this topic here.
Yes, yes and yes! Solar panel cost is at an all time low and the cost of installation is so reasonable that you can be cashflow positive on day one. The return on investment is 20 percent for a typical solar system, which is double what you can expect from investing your money conservatively in the stock market. Like real estate, you are quite literally making money while you sleep.
While we can’t guarantee that your home is ideal for solar, our job is to do that work for you. We use the finest technology available to evaluate your roof and its ability to offset your current energy production. We factor in all aspects of your current and future energy production (do you plan to install a pool or purchase an electric vehicle you’d like to charge at home?) to provide a turnkey solution to meet your needs.