Is Solar Power Right for You & Your Home?
Is Solar Power Right for You & Your Home? Homeowners are increasingly looking for ways to cut costs on power. One of the fastest growing industries is residential solar power installation. Homeowners are looking to solar for a couple of reasons; Lowering their electricity bill, increasing the value of their home, reducing their carbon footprint and protecting themselves from loss of power by the grid. Right now there are federal & state tax credits that homeowners can take advantage of. Eligible homeowners can receive a 30% tax credit for the installation of a solar energy system through 2023. There is no better time to install than now.
Many people think that solar is expensive but the fact is that solar panels have dropped in price by 70 % in the last 10 years making them more affordable than ever. The average cost for solar panels for a single family home is about $30,000-70,000. You can outright buy your solar array or you can finance the system, many times with zero % down. The cost to run solar can save the average homeowner somewhere between 5%-40% of their current electrical bill. So you can start seeing savings pretty quickly depending on if you lease to own or buy the system upfront.
The amount of money you can save with solar depends upon how much electricity you consume, the size of your solar energy system, if you choose to buy or lease your system, and how much power it is able to generate given the direction your roof faces and how much sunlight hits it. Your savings also depend on the electricity rates set by your utility and how much the utility will compensate you for the excess solar energy you send back to the grid.
Solar panels are viewed as upgrades, like a renovated kitchen or a finished basement, so purchasing a solar energy system will likely increase your home’s value. Studies show that homeowners pay a premium for a solar home; one study by Lawrence Berkeley National Laboratory showed that on average, solar increased the value of a home by about $15,000.
It’s easy to be skeptical of new products that boast promises of “saving you tons of money.” Solar panels are no different – saving money by reducing your electric bill is one of the main appeals and selling points for solar as a product and home upgrade.
Keep in mind, not all homes are ideal for solar but if your roof faces South, you do not have large trees blocking your roof from the sun and your roof is in decent condition you are an excellent candidate for solar. Once you have decided to go solar make sure your HOA allows solar and if there are any local regulations you must follow for an install.
Solar is a clean, renewable source of energy that can help reduce carbon dioxide and other greenhouse gas emissions and lower our impact on the natural environment. Unlike traditional fossil fuels like coal and oil, solar energy does not lead directly to pollutants (like carbon dioxide) being released into the atmosphere and water supply. Even compared to nuclear energy, solar comes out on top in terms of being a more environmentally friendly solution.
I have partnered with POWUR not only as a solar customer but to bring residential solar to my real estate clients too. If you are ready to find out if solar is right for your home (AirBNB or Investment properties), get in touch with me!
