Is Solar The Best Choice For Older Americans

We aren't getting any younger.  Yes, even you.  So, for our aging population, let's examine some ideas about going solar a touch later in life. Installing solar panels on your house can be a brilliant idea for several reasons. It can save you money on electricity bills, funding for itself in as little as 4 or 5 years in some places, and providing energy for up to 30 years after. A solar installation adds value to your house, reduces greenhouse gas emissions compared with burning fossil fuels, and looks pretty darn good, too.

With all those benefits, solar is awesome for a lot of characters, and solar is great in a lot of places. But solar can be “not great” for sure people, even in areas where it’s great for others. Right now, we’re going to explore the reasons solar may or may not be great for some of the coolest people around, our older Americans.

Older American Data

For the remainder of this article, let’s consider you’re reading this because you are an older American, age 55 and above, and you’re taken by the idea that solar is right for your home. Before we get into the causes solar will or will not work for you, let’s examine into some data:

People 55 and older make up 28% of the American populace. Nearly 80% of those folks own their own homes. Older adults are living longer than ever before, and 87% of them want to stay in their homes as they grow older.

The average cost these folks spend on electricity is approximately $1,500 per year, and that number will likely increase by about 3.5% per year, which is the average annual rise in power prices in the USA. If those figures hold true for the next 25 years, a person who is currently 60 and intends to stay in their house for 25 years can expect to pay over $58,000 on electricity in that time.

Living In Home Duration

So now we’ve discovered that older Americans intend to live in their houses for years after retirement, and their spending on electricity could represent a considerable chunk of change. But, as an older person, can you go solar and save a meaningful amount of money on that anticipated $58,000 expense? That is contingent on various factors.

Older American Average Solar Need

At a common cost of $.13 per kilowatt-hour (kWh), the ordinary senior consumes around 9,850 kWh per year for their $1,500. To produce enough electricity from solar power to decrease that electricity bill, you would need a 7-kW solar array, which would fetch around $25,000, give or take a couple of grand, ere incentives.

That’s approximately 20 high-end solar panels, each of which produces 350 watts under full sun. It’ll take up about 430 square feet of roof space on your south-facing roof. If you have space and the cash, this substantial solar set-up can offset almost all of your electricity usage for 25-30 years.
01(k) departures, you can figure out if you’ll be able to take the tax credit. At a tax rate of 12%, that means you’d have to have about $62,500 of income after deductions and without other credits, to receive the full cost of the solar tax credit.

Want to save and be guided by experts who do the research and know the answers? Go to HahaSmart.com and try our price checker tool. How much solar power you need and how much you can save on your energy bills each month.

Please visit our solar blog to find out more about how the savings on solar panels keep on coming.