With solar panels, ROI heats up [Video]
Posted on Monday, June 8, 2015 at 4:06:04 PM
The temperature is heating up for homeowners interested in solar power, since a federal tax credit for the ultra-efficient source of energy will expire by the end of 2016.
While solar panels aren't exactly on every single home in America, they're quickly becoming a feasible option, and they've grown relatively fast as an efficient option for energy over the past decade. While much of this growth is probably due to the return on investment solar panels offer, another reason is the federal tax credit that makes home improvement financing much easier for people interested in upgrading their houses with solar panels.
A solar system will cost anywhere between $10,000 and $30,000 to install, with the federal tax credit included, according to Time Magazine. Despite the hefty up-front cost though, ROI with solar panels is impressive. Homeowners who utilize solar power can save between $100 and $200 per month on their energy bills, which could bring a full ROI in between five and 10 years. If financing an installation such as this is possible, it is one of the best options to save money on energy costs in the long-run.