Some homeowners say solar use is worth investment
This fall, as John Y.K. Lee realized his electric bill had doubled, he finally decided to invest in solar panels.
For years, the neurosurgeon had thought about installing them on his family’s Havertown, Pa., home. But he sped up his timeline in the past year.
“All of a sudden there is all this perturbance in the energy market,” said Lee, 50. “I really started getting interested in our energy situation and future. I started investigating what I could do.”
He decided to take matters into his own hands — literally.
Having received the required permits, he plans to install the panels mostly on his own. An inspector will come out afterward to ensure everything is up to par.
In all, Lee, a self-described “do-it-yourself kind of guy,” expects to spend about $7,000, a third of what he was quoted by a professional installation company.
“I can afford to pay somebody to put the solar in,” said Lee, but his investment will pay off more quickly this way. “Trying to install solar myself is the biggest DIY project I’ve ever taken on.”
Bills soaring
While natural gas recently dropped to its lowest price point in nearly three years, many households have seen their energy bills skyrocket in recent months.
Several homeowners in the Philadelphia suburbs saw bills of nearly $500 for December.
For some, the continued price increases have made them more cognizant about ways that they can reduce their bills — from lowering their thermostats
to converting their chimneys into gasburning stoves to cutting back on how often they use their washers and dryers.
Others may be ready to take bigger steps, such as installing solar, a financial investment that not only brings down monthly bills but also benefits the environment.
“It generates electricity gradually,” said Dunbar Birnie, a professor in
Rutgers University’s materials science and engineering department and a solar expert.
“It is a slow repayment, but to the extent it might be increasing your home value, then it benefits you after five years. After you sell, then it benefits the next owner.”
After paying to install a residential solar system, Pennsylvania, New Jersey, and Delaware homeowners are likely to break even in between seven and 10 years, according to Delaware Valley Consumers’ Checkbook.
Overall costs
Homeowners who are considering going solar should assess their options.
A typical solar project in the Philadelphia area cost about $16,500 in
2022, Delaware Valley Consumers’ Checkbook found.
If a homeowner can afford to pay for their system out of pocket, then the 30 percent federal tax credit, local incentives, and cheaper bills can serve as income or savings over time.
Depending on where you live, you may be eligible for other incentives through state tax credits or utility company rebate programs.
Those who plan to stay in their homes longer will get the most out of their investment, Birnie said, but those who plan to sell their homes will likely benefit, too.
People who can’t afford to pay for solar panels upfront can lease panels through private companies, but there are fewer personal financial benefits to doing so.
Happy with result
Margee Forgosh said she wanted to go solar ever since she first read an article about how it can work as an energy source in the 1990s.
About 30 years later, after paying off student and business loans, she finally did it. In October 2021, the graphic designer and her husband, Ari, a dentist, tapped into their savings and paid about $20,000 to get solar panels installed on their home in rural Lehigh County, outside Allentown, Pa. She says it’s the best money they’ve every spent.