The question came to me the other day from a friend considering putting in a $30000 solar power system in order to save money. Is this cost effective? Yes and no.
The truth is that at this point, depending on where you live and what tax rebates and incentives are available to you would be that deciding factor. Two things are true no matter where you live:
1. Solar power is getting less expensive to install as there are advances in technology.
2. If your house is not properly sealed and set up to conserve energy, you are wasting a lot of money.
So before you go and jump in with both feet, there are many things to consider.
If you are looking at spending $10000 to save $1000 per year, why not look elsewhere first?
From the days of the old victorians through the days of "cookie cutter" houses, homes were a purchase done with the heart. Most people will pick a home without first calling the electric company to find out how much it has costed the previous owner to heat. I know, because I did it.
My heating bill was as high as $300 a month when I lived in Chicago due to lack of insulation among other things. Many times it takes money to save money, but most people can save $1000 a year on their utility bills with a little bit of elbow grease and less than $1000 on supplies.
So many recommendation for anyone trying to save money and being more self sufficient, is to start with baby steps. Either way, your pocketbook will thank you later!
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