There are several steps to determine if solar power White Plains NY is worth the investment. Many homeowners can assess if their solar investment will pay off by assessing the solar payback period. Importantly, the solar payback period estimates how long it will take to break even on a solar investment. As a New York property owner, you need to know how to calculate if your solar panel installation is worth the investment. This way, you can make a decision that meets your financial needs. Of course, you can also determine if electric savings through your solar company Poughkeepsie NY and other areas outweigh your solar panel costs. Read on to learn if solar power White Plains NY is worth the investment.
Consider Your Home’s Sun Exposure
First, you should consider your home’s sun exposure to find out if solar power White Plains NY is worth it. If your home receives a lot of sun exposure, you can often get more mileage out of your solar panels. Indeed, they can collect more energy to power your home. In time, this can increase your electric savings. To assess your home’s sun exposure, check for nearby trees and homes that might cast shadows on your roof. In addition, you can also get a solar power consultation from your local installation company. Notably, these professionals can assess your home’s surroundings to determine if you should trim trees before your installation. Of course, your solar panels can still collect energy in the shade. But to maximize their efficiency, consider your home’s sun exposure before getting solar power White Plains NY.
Review Your Electric Bill
Next, you should review your electric bill before you install solar electric power White Plains. Indeed, solar panels can greatly offset your monthly electric bill. In some cases, they can even eliminate it. Of course, you’re more likely to benefit from switching to solar if you have a higher electric bill. Indeed, higher electric costs usually yield higher savings. For example, you might pay about $100 per month for your electricity. With solar, you can potentially save this $100 each month. On the other hand, an $80 monthly electric bill would bring a maximum of $80 in monthly savings. In addition, your savings amount can also fluctuate from month to month if your electric bill fluctuates. Often, this is due to utility rates and energy consumption. Definitely, review your electric bill to determine if solar power White Plains New York is worth the investment.
Assess Your Solar Installation Cost
In addition, you should assess your installation cost when switching to solar panels White Plains NY. Importantly, your solar system size can influence your energy costs. Generally, a larger system with more panels costs more than a system with fewer panels. Typically, solar installers determine your system size by assessing your monthly energy usage. Of course, your solar equipment can also impact your initial costs. For example, high quality solar panels may cost more upon installation. Simultaneously, their higher efficiency ratings can increase your cost savings over time. In White Plains, the average 6kW solar system costs about $18,000 before incentives. A 5kW system usually costs about $15,000. In short, assess your solar installation costs to determine if switching to solar power White Plains New York is worth it.
Account For Incentives
Moreover, you should also account for incentives to determine if solar power White Plains NY is worth the investment. For example, you can save up to 26% on your installation costs through the federal solar tax break 2021 and 2022. To access these savings, you should begin your installation before 2023, as the incentive is set to drop to 22% next year. In addition, you should purchase your solar panels through a solar loan. Indeed, solar leases are typically not eligible for these savings. In addition, New York State also offers a solar energy equipment tax credit. With this, you can get a 25% state tax credit up to $5,000 in reductions. Absolutely, account for these incentives to determine if solar energy White Plains NY is worth it.
Calculate Your Solar Payback Period
Furthermore, you should also calculate your solar payback period to determine if solar power White Plains New York is worth the investment. Typically, solar professionals determine your payback period by subtracting incentives and rebates from your installation cost. Then, they divide this solar cost by your yearly electric savings. For example, you might spend $16,000 on a solar power system. If you get $4,000 in tax breaks and incentives, this cost comes down to $12,000. If your solar panels reduce your electric bill by $1,500 each year, your payback would be about eight years if electric rates do not increase. For the rest of your 25-year solar lifespan, you can earn money back on your solar power White Plains NY.
There are several steps to determine if solar power White Plains NY is worth the investment. First, you should consider your home’s sun exposure. Next, review your electric bill to calculate your solar capacity in NJ and NY. In addition, assess your solar installation cost. Moreover, you should account for solar incentives and rebates to measure your potential savings. Furthermore, calculate your solar payback period to see when your solar panels will pay for themselves. Follow these steps to determine is solar power White Plains NY worth the investment.