There are obviously costs involved in setting up residential solar panels. Today, we’re going to look at these and balance them up with the financial gains you’ll experience. It’s a busy day, so let’s get right in:

Cost #1: Equipment.

Equipment forms the largest part of the entire solar power setup. These are PV panels, inverters, battery bank, regulators, et cetera. Equipment cost can be spread out over time if you want to expand your solar power generator over time. Perhaps your goal is to be able to build up one more solar panel every weekend. Thus your cost really spreads out over time. It can really be less taxing on your wallet this way.

Cost #2: Installation

If you want to do the installation yourself, you won’t have to worry about this cost. But if you want to get a professional or contractor to do it for you, remember o budget for this as well.

Cost #3: Interest

If you took up a loan to pay for your PV panels and other photovoltaic components, the interest is going to build up and this must be factored into the overall cost as well.

Cost #4: Permits, Fees and Taxes

In some locations, you’ll need to pay for permits and fees when you install solar panels over your roof or on your property. Generally, most states let you install solar panels without imposing taxes on them. But be sure to check with your local authorities so you know if you need to pay for any taxes.

Cost #5: Clearing Refuse

If you need someone to clear out any refuse for you, you may need to pay for their service.

Now these are all costs…how about the benefits, I hear you ask. Well, here are the financial gains you’ll enjoy:

Benefit #1: Lower Energy Bills

The most obvious benefit is the reduced (or eliminated) electricity bills. If you are adding solar panels gradually to your collection of “solar harvesters”, your energy bills will gradually reduce and may finally be eliminated.

Benefit #2: Hedge Against The Rising Cost of Energy

The cost of energy is set to rise as inflation and scarcity forces its price upward over the long term. We all experience this effect — everything seems to get more expensive! Yet when you’re tapping energy from the sun, it doesn’t get more expensive then when you first bought the photovoltaic equipment. Therefore while the rest of the world pays for electricity through their nose, you can quietly enjoy cheap electricity using solar panels.

Benefit #3: Appreciation

The price of your property will probably appreciate because you installed an asset. Depending on the valuation, you may get back what you paid for. This mean you’re really using all the energy for free through the years. If you built your own residential solar panels, you’re definitely going to get back more than you invested in equipment and other photovoltaic components.

Continue Reading:

1. Benefits Of Using Residential Solar Panels
2. Why Are Solar Panels The Best Investment For Your Home?
3. Residential Solar Panels — Reducing Your Carbon Footprint