Solar Power Questions? We Have Answers
Updated: Jun 7
(guest post courtesy of Go Solar Group)
Many homeowners are renovating due to the pandemic, and a big trend is going “green” with solar power.
Going solar is an investment, and it is commonly met with a series of objections. Whether you’re convincing your spouse to opt in to residential solar or if you run a large business that needs to reduce its energy expenses, the experts at GoSolarGroup.com explain the value of solar power in light of these common objections.
1. “I Can’t Afford Solar.”
If you can afford a power bill, you can afford at least half of what your power bill will cost, which solar, at the very least, makes possible. The cost of residential solar has dropped by 70% between 2010 and 2016, and is still on the decline. You can also pay off part of the system with a solar referral program.
2. “I’m Refinancing My Mortgage on My Home.”
So, you’ll be paying less over a longer period of time, and therefore are likely have to pay a higher interest rate, which will require you to either change your lifestyle or save more money. Even if the refinancing saves you money, you can use the leftover change to help pay for a solar loan. Solar is one of the few ways that you can passively save money. That said, this is one of the many reasons these conditions wouldn’t disqualify you from solar power.
3. “I’m Getting a New Roof.”
Replacing the roof is something that will happen when you get solar. The conservative lifespan of a quality solar system is 30-40 years, and, for instance, an asphalt shingle roof should be replaced every 25 years. Because of this, solar professionals usually offer to remove the system for the cost of labor whenever you need to replace your roof, so the roof will be able to support the panels. That’s a good thing. If you bought the panels and had put them on top of a bad roof, you’d have to take them down and reinstall them. A new roof ensures you get the maximum ROI on the panels themselves.
4. “I’m Not Sure Whether I’m Interested.”
Are you satisfied with paying $1-2k every year to the power company for the rest of your life? If you’re 40, that’s $52,500 dollars on average. Most people don’t think this is something they can change, but solar power can do exactly that.
5. “I Have Too Much Debt.”
If your credit rating is over 670, the debt is not too much to have affected your credit score, which qualifies for solar energy. When you get solar, you are only in debt for a few years, as opposed to forever with the power company, and every single time you turn on a light switch.
6. “I’m Moving.”
Depending on the time frame, a full-service solar company licensed in the area can either wait to schedule your install at a new property or do the install, take down, then reinstall.
7. “Solar is Too Pricey/I Don’t See the ROI.”
Although prices have fallen in recent years, a common objection remains that the expense of solar panels and installation takes too long time to recoup the monetary investment. However, homeowners also want to consider Return on Environmental Impact, as well as non-monetary features like security from battery backup, and being able to power devices when the grid goes down.
8. “What About the Tariff?”
There’s yet to be a profitable solar company who’s raised prices on imported solar panels because of the tariff, therein passing the increased price of it on to its customers. A debt-free company like Go Solar Group, for instance, won’t raise prices on even it’s top-tier, German-engineered solar panels and inverters.
9. “I Thought it Was Free.”
Solar is an investment which, like any good investment, makes you money. Making money is always better than not spending it, which is all that any free item gives you.
There are some companies that do “free” solar panels, but “free” panels are really “leased” panels, so companies that do these systems don’t actually give you the panels. Instead, they own the panels, put them on your roof, then charge you for the power they produce. An alternative solution is to purchase the panels through financing them (if you can’t pay with cash). After about 12 years, you own them and the energy they produce.
A power bill will fluctuate, increase over time, and be there forever. A solar bill remains at a steady amount for a few years and then you own the system, no more power bill.
Sunlight is free, but the solar panels and setup themselves are not. And, if you are connected to the grid, you will still have a small power bill no matter what. Remember, there’s a difference between going solar for zero down with no upfront payment and going solar for free. Community-based solar programs are the closest to free that you can get (aside from the ill-advised free solar panels).
10. “I’m Waiting for Tesla Solar Shingles”
Go Solar Group is a certified Tesla Powerwall Installer, but there are downsides to solar shingles.
You will be waiting another 3 to 4 years. And the expenses will likely not drop at that point to where they are manageable for most people who would otherwise go solar with regular rooftop panels. Three to 4 years also reduces the time value of money and cuts significantly into opportunity cost. Therefore, waiting for solar shingles hinders the amount of money you can ultimately save with rooftop solar. Additionally, the price of solar panels is about 1/4 of the cost of solar shingles at present date.