It is becoming more and more common to see a home with a solar installation on its property these days. As tired homeowner’s seek a relief from rising energy costs they are tapping into the generous solar tax credits and solar incentives available at the local, state, and federal level to cover their solar installation costs.
A Solar Installation Is a Big Deal Maker
But covering solar installation costs is only a minor hurdle in installing solar panels on your roof, and is greatly outweighed by its benefits. The ease of selling a home with a solar installation is much less than a traditional home without one. In addition though, solar adds value to your home that you will recoup at sale time. Let’s take a look at a few reasons why this may be the case.
“First, people are looking for some security against rising electricity costs. Each year, you run the risk of your utility raising rates, but solar power generated by [solar panels] on your home only gets cheaper over time as you re-gain your return on investment. The power is free! Second, home buyers realize that average electricity use is increasing via appliances (yes, even energy saving ones), running air conditioning and heating, and even plugging in electric cars!”
A Solar Installation Makes Up for Your Larger Appliances
So although the appliance market is flooded with energy efficient machines electricity rates continue to rise. And although your appliances are “energy efficient”, today’s appliances are far larger than the ones in the past. This is what makes having a solar installation so perfect. You can not only see a huge decrease in your energy costs after the solar installation but you will also see your electricity rate freeze.
“While the initial outlay of funds for home solar panels generally ranges from $10-20,000, after [solar tax credits] and [solar incentives], most homeowners save about $150 each month in electricity bills. When selling a [home with a solar installation], buyers realize that they are investing in more than just the real estate – they are purchasing “free power,” and security against rising costs down the road.
Estimates are that, for every $1 you save in annual electricity costs, the value of a home increases $20. With savings of $150 x 12 months ($1,800 annually), you can realize a $36,000 instant boost in equity. Selling a [home with a solar installation] is generally quicker with a higher return than the same home without solar panels.”
With a solar installation today you can not only lock in those low electricity rates for a very very long time, but you also increase the value of your home greatly. It should be no wonder that a solar installation makes so much sense both short and long term. You don’t want to miss out on all the solar tax credits and solar incentives available as well as the potential of helping your home appreciate in value quickly with the help of a solar installation.
Get in contact with a solar installer and use our solar calculator to get a quick idea of what you are looking at in terms of solar installation costs.