Solar equipment keeps improving — batteries are getting smarter, solar panels are getting more efficient — and solar prices have been falling. So, why not wait to get solar panels when they keep getting better and cheaper?
In many cases, that’s likely not the best choice.
Most homes can meet their energy needs — or at least take a bite out of their electric bill — with solar panels already on the market. Where solar panels can save you money, it makes sense to start saving now, instead of waiting for some promised further reduction in costs.
If you’re considering waiting, here’s what you need to think about.
See how much you can save by going solar with Palmetto
Improved Solar Panel Efficiency
The most efficient home solar panels in the United States market top out at about 24% efficiency, which means they can convert about a quarter of the sunlight that reaches it into electricity. Just a few years ago, the top mark would have been closer to 22%. Over a year, 2% more electricity can add up.
Should you wait for panels to get 2% more efficient?
More efficient panels means you could get by with installing fewer. More electricity generation could mean greater savings.
But waiting likely won’t pay huge dividends. In fact, there are plenty of reasons to not pay a premium for the most efficient solar panels today.
Most people go solar to save money and generating more electricity doesn’t always mean proportional savings. You might reach your highest savings potential with panels that are 22% efficient instead of 24%.
Reduced Equipment and Installation Costs
Solar panels have come down in cost dramatically over the last 10-15 years, but the trendline isn’t quite as neat now. The shock of Covid, supply chain interruptions, and inflation means the price of solar panels has been hovering around the same point for the last few years.
Even if solar panels continue to fall in price (as they will continue to do, if not as dramatically as before), it’s likely not worth waiting. If going solar can help you save today, it’s best to start cutting into your electric bill now.
Rising Energy Costs and Electricity Bills
While solar costs decrease, the price of electricity continues to rise, just as it has for years. If you install solar now, you can avoid those incremental cost increases from the utility companies, and even offset some of those costs thanks to programs like net metering.
Installing solar today means you can save while electricity prices are where they stand today, and you’ll be ready to save even more if prices go up.
Changing Incentives
Solar panel incentives — like the federal solar tax credit or net metering — can change, and sometimes for the better. Should you wait for new policies that could lower your costs or boost your savings?
Predicting what’s going to happen with policy is probably a fool’s errand. It might be more likely that solar-friendly policies are weakened than strengthened. States like California and Illinois, have moved from net metering plans to net billing ones. While rooftop solar still saves homeowners money in those states, those who went solar under net metering plans are likely saving more than if they had waited for policy to change.
See how much you can save by going solar with Palmetto
Increased Home and Property Values
Home solar panels can increase the value of your home. A study by Zillow that found homes with solar panels sell for 4.1% more. Solar panels can also help you sell your home faster and for more money than homes without solar power.
If you might sell your home during the average 25-year lifespan of solar panels, adding them to your home sooner than later could be in your best interest.
Exciting New Solar Tech
Besides the more mundane advancements in the solar panel performance, sometimes fresh, new, and exciting solar technology bursts onto the scene. Solar roofs and solar shingles held the promise of making every roof an invisible power plant. Perovskites solar cells could push solar efficiency to new heights. Should you wait for the next big innovation?
The solar panels in use today have already come down the cost curve, a rapid decline in cost that comes from people getting better at manufacturing, selling, and installing new technologies. If you need to wait for new technologies to come to market and come down the cost curve, you could be waiting for a while. If your goal is saving money, it still makes sense to start sooner rather than later.
Why Go Solar Today
Solar panels can save homeowners money while helping the planet. While delaying gratification is a virtue in some cases, here it might not be. You’ll always have a better idea of what solar panels can do for you today than what they could do for you a few years down the road.
Ready to find out how much you might save? Get started today with a free savings estimate from Palmetto’s solar savings calculator, and see what solar can do for you.
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Frequently Asked Questions
Why go solar?
For most people, going solar is about saving money. Because solar panels produce clean energy without the climate-warming emissions, they also benefit the planet. Adding power to the grid can also help stabilize it and solar plus storage can provide emergency backup power to your home in a blackout.
Should you wait to go solar?
If going solar makes sense for you today, there probably isn’t reason to wait. Solar prices likely won’t fall enough to make a significant difference to your potential savings.
Andrew BlokWriter and EditorAndrew has worked as a journalist and writer for four years, over half of those dedicated to covering solar. He currently lives in Tucson, AZ, where you might run into him walking his dog and birding while dodging the heat. He has degrees in English education and journalism.
