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Are solar panels worth it for homeowners?

By Andrew Bell

We've all driven by those homes that have a number of solar panels on the roof, and found ourselves wondering just how much of a benefit there actually is to going through a costly and potentially complicated installation process. While there's no hard and fast answer to that question, given that everyone has their own preferences and priorities, it's still worth looking into the issue more closely.

On the surface, installing solar panels seems like a great idea, right? Among the benefits highlighted by ABC News: You cut your energy bills each month, there may be tax benefits for doing so, the technology is becoming more affordable and you reduce your home's impact on the environment. Keep in mind that you'll need to set aside thousands of dollars to cover those costs out of pocket, and even the most generous of tax benefits won't cover the full cost.

Yes or no?

If you are looking for a straight-up answer of whether you'll get a good return on your investment in solar, the answer — generally speaking — is yes. While there are potentially substantial up-front costs associated with installation, depending on the type of panels you choose and other decisions you make as part of the process, you can expect to recoup those costs in the form of reduced energy bills over the course of a few years.

Crunch the numbers

With that kind of a timeline in mind, you might need to do the math to figure out if solar is right for you at this time. RealEstate.com.au noted that you can generally expect to see your electricity bills drop by 30-60% — sometimes much more, sometimes a bit less, depending on a number of factors. You know what you generally pay to power your home, so working with those loose numbers, you should be able to estimate how long it will take you to break even. Then, you can see if such a timeline aligns with your plans for home ownership.

If you are thinking of selling a home after installing solar panels, or are just looking to buy one either with those features attached or with the intent of installing them later, you need an expert on your side at every step of the sales process. At Ray White Surfers Paradise, client satisfaction is our top priority and we've closed countless transactions from both sides of the buyer-seller relationship. We'd love to do the same for you, so get in touch with us today to learn more about how we can help.

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