Solar Panel or Not to Solar Panel…What to Do?

You've seen the panels slowly creeping up on homes and businesses around the area. So here's the question...is it worth it to have them installed?

If you live in an area that's abundant with sunshine, like in Florida or in Arizona, it's almost a no-brainer. But what about for us here in the midwest? We see quite a few days throughout the year, that are partly to fully clouded. So what's the answer?

According to an article on thepennyhoarder.com, the first bonus you would receive from installing solar panels is a 30% federal tax credit on the total cost of a system. Now that's for owners of homes. So you can deduct the cost of the panels off your income tax, so in actuality it's like reducing the price of the solar purchase by nearly one-third.

Of course the government has stepped in regarding these credits. The 30% tax credit is authorized through 2019. Then the credits will decrease for two years, and by the year 2022, they will disappear completely.

Now of course if your house is shaded by trees or buildings, you'll probably want to think twice about installing the solar panels. According to EnergySage.com, the average homeowner could save $5,000 a year. (Depending on the size of the system)

So if you've been wanting to take the plunge and have those panels installed on your home, do a little investigating, calculating and good luck!