As the cost of electricity rises, many homeowners wonder whether they should install solar panels or wait until they come down in price. We’re here to look at some of the benefits of solar power and give you the information you need to decide.

Depending on the solar panel system your home needs, it could cost anywhere from $13,000 to $25,000. But even the high end of that range may be worth the investment.

Look at your electric bill

The best way to gauge whether solar is right for you is to look at your current power bill. If the bill seems high, you stand to benefit significantly from a solar panel system.

Remember to look at electric bills over the past year, as this will give you a sense of your spending in different seasons that may require more or less power.

Search for incentives

Solar panels have come down exponentially in price over the last few decades, but their cost seems to be reaching an equilibrium. In fact, prices may start to go up as more homeowners buy solar panel systems and installers raise rates in response to the demand.

You must also consider the government incentives to install solar panels. There are several programs that can provide tax credits or rebates for solar panels, and these won’t be available forever. Look into federal, state, and local incentives to save as much money as possible.

What to expect

While you’ll see the benefits of solar power immediately after installation, you should expect to wait years to entirely pay off your solar panel system. It takes most

American households around a decade to make back in savings what they spent on the system. However, most systems have warranties for 25 years, which means you can enjoy at least 15 years of tremendous energy savings.

Once you have your system installed, just kick back and wait for the savings to accumulate.

Now that you know the answer to the question, “Should you install solar panels or wait?” you can make the choice that’s right for your situation.