CONSUMER REPORTS: SHOULD YOU GO SOLAR?
The price of residential solar panels has dropped almost 50 percent in the past seven years. And you may be pressured by salespeople to go solar before federal rebates expire at the end of 2016. But Consumer Reports says there’s a lot to consider before you sign up.
Rooftop solar panel installation nearly doubled last year. Solar energy companies claim you can drastically reduce your monthly electric bill. Christopher Hale says his customers see the impact right away.
“They’re really excited when the first bill comes and their electrical bill is much lower than it was before,” Hale said.
Before you sign up for solar, here’s a reality check.
“Solar panels can be a big commitment. You want to be sure that they’ll work on your roof. Not every house is a good candidate,” said Mandy Walker.
Make sure your roof will get enough direct sun. Panels are usually installed on the south side of your roof and shouldn’t be shaded by chimneys, trees, or anything else above the roofline. Next, know your roof’s age.
“Solar panels can last about 25 years, so if you think you might need a new roof during that time, make sure the cost of removing and reinstalling them is specified in the contract,” Walker said.
Then decide if you want to buy or lease your solar panels. While it may initially be cheaper to lease, you’ll likely pay more over the life of the typical 20-year contract.
“If you can afford to pay for the panels outright, it will likely cost about 15 to 21 thousand dollars or more. But they’ll pay for themselves in five to 10 years and then you’ll get free electricity for as long as they last,” Walker said.
Some other things to consider…
“Some solar installations may void the warranty on your roof, and in some towns it may increase your property taxes,” Walker said.
Also, check your homeowner’s insurance policy to see if you’ll be covered in the event the panels are damaged by a storm. And always have your panels installed by licensed installer.
“It’s a very big decision. It’s a big investment. It’s going to be on your house for a very long time,” Hale said.
You can compare leasing versus buying at http://www.EnergySage.com. At that website, you can also compare quotes from local licensed solar panels installers in the area.
All Consumer Reports Material Copyright 2015. Consumers Union of U.S. Inc. ALL RIGHTS RESERVED. Consumer Reports is a not for profit organization which accepts no advertising. It has no commercial relationship with any advertiser or sponsor on this site. For more information visitconsumer.org
