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Why Solar System Investments Are Smart

You may have researched solar panel systems and found a rather high price tag. If you are in a northern state and researched these systems, such as “solar panel system New Jersey,” you may be wondering if a system will create enough energy to offset the initial cost. However, there are several reasons to invest in solar energy.

Energy Production

Solar energy makes sense for southern states, which have longer days and receive more direct sun than northern states. Solar systems are often highly efficient in these areas. You may wonder if solar panels can produce enough energy to power a home in northern states. The answer is yes, a solar system can produce enough energy to power a home if it is large enough.

Cost

You may have the option of leasing a solar system, but most homeowners purchase their own solar systems. If you choose to purchase the system, you have to pay for or finance the initial outlay, which can be expensive. However, the cost of these systems has dropped by up to 60% in the last decade while efficiency has increased significantly.

Energy Bills

If your system is configured properly, you will have small or no electricity bills. Due to the reduction in energy costs, most people pay off their solar systems within seven to eight years. Your system should last at least 25 years, so the ROI is rather high, at 20%. If your system produces more energy than you need and you are hooked up to the grid, you may also receive credit from your local utility company for the excess energy. In addition, you will be protected from increasing energy costs, as electricity typically increases by up to 3% per year.

Government Rebates

In many areas, the government provides incentives to adopt alternative energy. For example, you may receive a one-time rebate for the cost of the system, a deduction on your taxes or a per-watt production rebate.

If you are looking for ways to reduce your energy costs and carbon footprint, consider installing a solar system.