If you are interested in helping the environment or saving money, you may be intrigued by the possibility of installing solar panels on your home. In recent years, solar panels have become a lot more affordable for the average person, which has lead to growth in this industry. While it is more affordable than it once was, it is not always the best option for homeowners, depending on their situation. In this post, https://www.mortgages.co.uk/ present a few different scenarios when installing solar panels on your home is a good idea.
Building a New Home
One of the best times to install solar panels is when you are in the process of building a new home. If you are building a new house, you have the opportunity to plan the construction of the house around the solar power system. You will be able to accommodate all of the components that come with the solar power system such as the panels, the inverter and the wiring. While you can always install solar power systems on existing homes, it is a lot easier to do when you are building a new home.
Feed-in Tariffs Available
Another situation in which you may want to consider installing solar panels is when there are feed-in tariffs available. With this type of arrangement, you can actually get paid money from the electric company when your solar power system produces more than you use. Any watts that your system produces, can be sent back into the grid. When a feed-in tariff is set up, the electric company has to pay you at a specific rate for the power that you are producing. This makes it possible to actually make money off of your solar panels after you get them installed.
Government Grants Available
It can also make sense to install solar panels on your home when Government grants are available. In many cases, governments are willing to give you some kind of a grant if you will put solar panels on your house. With this scenario, you get money that you can use to pay for the solar panels, and the system without ever having to pay it back. This essentially amounts to free money that you can use toward the purchase price of the system. Since the big initial price is what holds most people back, this can help you get past a huge barrier to entry in this market.
Tax Credits Available
Besides the government issuing grants, sometimes they offer tax credits as an incentive to get solar panels. For example, in the United States, you can get a 30 percent tax credit from the federal government when you install a solar panel system. Besides the federal tax credit, many state and local governments also offer tax incentives for people to install solar panels on their homes. By giving tax credits, you can significantly reduce the amount of money that you have to pay to your government.
Price Per Watt is Cheaper Than the Grid
From a practical standpoint, it makes sense to make the switch over to solar power when the price of the system gives you electricity cheaper than what you can get it from the grid for. Solar panels are often priced in cost-per-watt terms. When you compare this cost to the cost-per-watt that you pay the electric company, you can see which one offers the better deal. When you can find solar panels that are priced low, and you combine that with the government centres, the price-per-watt may be cheaper with solar power. In this situation, it makes sense to switch to solar power so that you can save on electricity costs.