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Should I Get Solar on My Home Now or Wait?

Putting solar panels on your home is a big investment and is not a decision that should be made lightly.

We get asked quite often whether it makes sense to install solar now, or if it makes more sense to wait. If you are using a substantial amount of power, and by that I mean spending over $200 per month, in many cases it makes sense to go solar now. Sure, the technology of the solar panels will get better over time but in most cases there is a substantial ROI in solar, and the sooner you get it up and running, the sooner you will save money. The cost of power has increased in California over 2% per year so you can account for that in your ROI calculation.

When it might make sense to wait to go solar is if you plan on moving in a few years. The solar system you installed will add some value to your home but might not be enough to offset the cost of the solar system. The new homeowners will be the ones to reap the benefits.

If you decide that it makes sense to go solar now, don’t let it be a hasty decision. There are many solar “sharks” out there that can take advantage of you. These “sharks” typically try to get you to sign the solar agreement the same day you meet with them. This is because they know if they give you time to do your homework you will find much better deals out there.

Keep in mind that in most cases solar leases don’t make sense. If you decide to lease solar, you’re really just paying the leasing company for your power instead of the Utility company. If you care solely about the environment and are not as concerned about your pocketbook then by all means consider a lease. Do keep in mind though that if you plan to sell your home at any point, the lease could become problematic for the sale as the new homeowner will have to agree to take over your lease agreement.

The best way to go solar is by either purchasing your solar system outright, or through financing. By financing or purchasing a solar system you will get the greatest ROI. If you choose a 5 year financing plan, most of the time the money you are paying to your loan each month will be about the same amount you were paying for your power from the Utility company. The difference is, at the end of the loan term you will own your system and no longer have to pay for power (assuming your power usage stays the same)!

SOLAR SOURCE® is a solar contractor based in Southern California. What sets us apart is our attention to detail and quality products. Contact us today for a free solar energy analysis.