Frequently Asked Questions(FAQ)

How much money can I save by installing solar panels?

Solar panels can provide long-term savings despite the upfront cost. Homeowners can save anywhere from $20,000 to $97,000 over their solar panel system's lifetime, depending on the electricity cost in their area. Areas with higher electricity prices, such as Hawaii or New Hampshire, can potentially yield greater savings. 

How do I pay for solar panel installation?

Solar panel loans are a popular option for homeowners installing a solar energy system. It helps spread the upfront cost over several years, making it more manageable. By selecting a loan with favorable terms and interest rates, you can enjoy significant long-term savings while contributing positively to the environment. LightStream, SoFi, and Credible are top lenders offering competitive rates, flexible repayment terms, and high loan amounts.

How long does it take to break even on solar panel installation?

The time it takes to break even on solar panel installation varies depending on several factors, such as location, the cost of electricity, and the size of the solar panel system. On average, it takes around six to eight years for a homeowner to recoup their investment and begin seeing significant savings on their energy bills. However, the payback period can be as short as four years in areas with high electricity costs. 

Are solar panels worth it?

The cost of solar panel systems has decreased in recent years, making it more appealing for homeowners to transition to solar energy. Solar power can be a viable option for those who want to reduce their environmental impact and ease the burden on the electrical grid. 

About the Authors

Ann Schreiber

Written by: Ann Schreiber

Seasoned Copywriter & Content Marketer

Ann has been a marketer and a content writer for over 20 years. She worked for financial institutions such as FICO, Experian, and BlueChip Financial as a director of content and brand marketing.

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