Are solar panels on a house worth it?
YES! Even if we overlook the numerous environmental and lifestyle benefits of going solar, there are huge financial gains to be had when you make the switch. While there's no magic formula to determine exactly how long will it take for you to break even on your investment in residential solar energy, we can run a few quick numbers to get a general idea of lifetime savings. The average power bill in the state of South Carolina is roughly $150. That's about $54,000 in energy costs over the life of a 30-year mortgage. The average residential solar array costs $25,000-$30,000. Since our goal is to use your array to completely eliminate your power bill, you're looking at as much as $29,000 in electricity savings over the life of your house! Most people see a net financial gain in just 6-10 years, but your mileage may vary.
How many solar panels are needed to run a house?
Several factors determine the number of solar panels you'll need to cover 100% of your home's electricity use. Geography, panel efficiency, panel ratings, and your personal electric consumption all help determine how many panels it will take to cover your home's use. Normally the number of panels equals the total system size divided by the production ratio divided by the panel wattage.
How long do solar panels last?
Most solar panels last about 25-30 years. The earliest solar panels on the market are just now reaching retirement age. Using more advanced technology and improved maintenance, modern systems may last up to 50 years.
Do solar panels need maintenance?
Dirty panels are less able to absorb the sun's rays, and therefore lower the efficiency of the overall system. Consequently, your solar system does need cleaning about every year or so. Otherwise, solar panels rarely require maintenance over their productive lifetime. Should an accident or act of God damage your panels, you can contact your solar provider about their repair policy.
How long do solar panels take to pay for themselves?
Solar panels save you money in two ways. One, you eliminate your monthly electric bill. Two, you receive federal and South Carolina tax credits for installing a solar system at your home. Therefore, both your taxable income and your energy use determine how long it takes for your solar panels to pay for themselves. Most people see a net financial gain in 6-10 years.
Can you live off solar power alone?
Yes, you can run your house on solar power alone. It is wise, however,to make other energy-efficient choices in your home as well. Homeowners who live on solar alone typically add extra insulation, maximize natural light, and choose eco-friendly appliances. Our goal at Foothills Solar Plus is to run your home 100% on solar energy generated from you home's array.
What is the federal tax credit for solar?
A federal tax credit of any kind reduces the income on which you have to pay taxes. The federal residential solar energy tax credit allows you to deduct a percentage of the cost of your solar photovoltaic system from your taxes. Current law provides a 26% tax credit for systems installed in 2020-2022 and 22% for systems installed in 2023. Unless Congress renews the solar energy tax credit, it will expire in 2024.
Does South Carolina have a solar tax credit?
South Carolina offers a non-refundable tax credit, which reduces a resident's tax liability for installing solar panels. Right now, consumers can deduct 25% of the total cost of solar panels, including installation, from their taxable income. The maximum incentive stands at $35,000 or 50% of a tax liability for that year, whichever is less.
What are the pros and cons to solar panels?
Solar panels require a hefty investment, and they aren't a fit for every homeowner. Consider these pros and cons before installing solar panels:
Pros Cons
Lowers electric bills Doesn't work with every roof type
Improves the value of your home Can be expensive
Reduces carbon footprint Not a good option if you're about to move
Can you get solar panels for free?
Despite rumors to the contrary, you cannot get free solar panels from the government. Some solar installers will try to get you to sign a contract for "free" solar panels, but these can be misleading. Often, they are lease agreements that heavily favor the installer over the life of the contract, which is usually 25 years.
How do solar panels work with your electric bill?
Our goal at Foothills Solar Plus is to completely eliminate your monthly power bill. Though you likely will no longer need to pay your power company, you will continue to work with them. When your solar array generates more power than your home needs, you sell the difference back to your energy company.
What are the dangers of solar panels?
Solar panels are completely safe. They do not generate toxic gases, fumes, or other hazards. The only problem solar panels can cause is in the landfill after they expire. Right now, waste professionals are working with solar energy experts to identify the best ways to manage solar waste after panels begin to degenerate in 25-50 years.
Do solar panels work at night?
Solar panels do not generate electricity at night. They produce more electricity than you need when the sun is shining, however. Your electricity will continue to run after dark using either the energy stored in the panels or the power provided by your electrical company.
How do I get the best out of my solar panels?
Solar panels make up one part of an overall strategy for energy efficiency. In addition to going solar, consider installing LED bulbs, investing in energy efficient appliances, spraying in some extra installation, and wrapping your hot water heater in a thick blanket.
Do ice and snow affect solar panels?
Winter storms aren't usually a big problem in South Carolina, but the occasional one does hit us. Unless we get a once-in-a-century blizzard, your solar panels probably won't get damaged. They'll generate enough heat to melt snow and ice. Your panels likely won't produce energy while they're covered with snow, but you'll more than make up the difference during our famously sunny South Carolina summers.
Is South Carolina good for solar panels?
South Carolina is one of the best states for going solar. Our sunny summers give solar panels plenty of energy to generate electricity with. Furthermore, South Carolina residents can enjoy state tax reductions for installing solar systems in addition to the federal income tax credits.