Solar Panels can be a great solution to making your house more energy efficient and, in turn, bringing your home costs down. It is a significant investment, so before taking the leap, make sure to do your research to ensure solar panels are the right fit for your home and your location.
Upfront Costs
It's challenging to outline a financial range for solar panels as there are many ways to œpurchase them. There are three main ways to go about it:
Lease solar panels directly from the solar company. With that, you'll receive a set utility bill that goes up a dollar or two every month, annually, for the life of the lease.
Purchase solar panels. You'll receive tax credits and rebates for solar, and the utility company will pay you for the excess power your panels produce.
You can obtain a loan to buy solar, so you get the benefits of the tax credits without having to pay upfront any of the costs.
Regardless if you have the money, there are still things to consider when investigating if solar panels are right for you.
PROS
Reduces your carbon footprint and home's utility bills.
If you buy a house with owned solar, you get all the benefits with no cost and save yourself a few hundred dollars a month in electric bills.
You lease your utilities with a utility company, so why not solar? Typically the solar company maintains the panels and will remove/reinstall them if roof repairs are ever needed.
CONS
Appraisers don't see solar as a monetized upgrade for the most part.
Many buyers do not understand it, so you want to make sure the contract to buy and sell is contingent on the transfer of the solar lease
If you lease panels, you can always break your lease but it may require a hefty payment for the removal.
If you are interested in seeing if solar panels may be the right move for you, contact your trusted real estate expert for more information.
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