We Install Solar Panels in Dallas, Texas. As the cost of Solar systems continues to decline, many homeowners are faced with the conundrum of deciding, “when should I go solar”? Some people see the regularly declining costs, which springs them into action, and others continue to wait in the hope that prices will drop further. So which strategy is correct? Continue reading to understand if you should switch your Dallas, Texas, to an alternative of generating clean energy. Solar Panels Express is the number one choice to reliably and affordably install solar panels in your home; our mission is to provide our customers with high quality and affordable solar system solutions!
Choosing the right time to Install
According to the SEIA, the cost of installing solar systems from 2010 have fallen by more than 70%. Even so, several variables can affect the overall financial returns from the system. Due to the falling costs in 2020, a residential 6kW system will cost $16,620 on average in Dallas. After deducting the federal solar tax credit of 26%, this figure will reduce to $12,284. If these price trends continue, yes, you may be able to save money by delaying your purchase. However, this choice’s opportunity cost would be the significant financial benefits of the solar system. The solar system’s economic benefits could outweigh your potential savings in upfront costs had you acted sooner!
Rising Electricity costs- Opportunity cost of Waiting
One damaging element to factor in your analysis is the rising electricity cost. From 2010, US electricity costs have risen beyond 30%. The longer you wait to install your solar system implies you continue to pay expensive utility bills. The average monthly electricity bill in Dallas as of July 2020 is approximately $112, or $1344 a year. If you buy a solar system that can generate enough to cover 100% of your electricity needs, you will eliminate your utility bill and pocket $1344 every year post-installation!
Furthermore, Solar panels have an active life of 30 years. Your savings will not only grow but increase over time! For every you wait, you will lose out on these savings!
Financial Incentives Will Phase-Out
Currently, several considerable financial incentives and benefits support homeowners installing solar systems. However, given the growing popularity of solar energy, these incentives will reduce or even cease to exist. Texas offers various tax rebates and incentives that you will be eligible for if you install your solar system right now. If you choose to wait, you may not have the advantage of claiming these benefits.
Bottom Line From the arguments presented here, the opportunity cost of waiting to install a solar system will prove costly and risky. Even if the dropping price trend continues, your upfront savings will not amount to the overall benefit of installing the system today. If you would like to install solar panels in your Dallas home, contact us at Solar Panels Express today!