I just got a DIY kit quote for solar and it’s ~$18,000. That would mean a contractor installing is at least $25,000 if not more. That’s a big chunk of change upfront.
Did you just learn that some people have more money than you?
Even having the money, most people that install solar panels, and don’t do it just for idealistic reasons (fighting climate change, etc), expect to save more money than they spend in the long run. Well, depends of the specifics of course, but it might take years, even decades to recoup that initial expense. Even if you have the cash, it might not be worth it.
You’d have to consider also long-term maintenance and repair costs to that …
Typically if you can afford a $25k upfront cost, the long term costs are pretty negligible.
If you’re paying cash, then your monthly expenses are only going down due to your reduced electricity bill, so your savings potential is going up further.
Additionally the panels are warrantied for at least a decade, with a performance guarantee for 20+ years. If they’re installed on your roof, many also include a guarantee on the roof work.
Proactive solar maintenance is really just keeping things clean, which costs very little.
These small costs do add up if you’re barely making ends meet and on a lease plan that costs roughly the same as your old utility bill, but for the group paying upfront, ¯\_(ツ)_/¯
Home equity loans are used by a lot of people for this sort of stuff.
Make sure to do the math if solar is even worth it for you. Electricity is relatively cheap in my area. When I did the math, it would take me at least 20 years to break even (that’s if I paid cash, even longer if I finance). Considering 25 years is an average panels lifespan, it would not save me any money.
Being independent of the grid is the only selling point, but I haven’t done enough research if that’s even true with solar. If it’s still connected to the grid, will I even be able to utilize my panels if there’s an outage in the grid?
Yes, your power will primarily come from your batteries. When your batteries are full, extra power generated is either sold back to the grid if you live in a nice place, or credited on your bill with some limited roll over system. When your batteries are empty, you buy power from the grid. If your batteries are empty when the grid is down, then you would indeed also experience the outage.
But you can get alerts when the grid is down and choose whether you want to conserve power to make sure you don’t drain your batteries at that time. You can still gain panel power during a grid outage, you just won’t have a back-up source of power or the ability to sell excess.
Federal, state, and local rebates.