Solar panels are installed on house roofs to take advantage of the sun by turning its light into electricity. Solar panels help you save on your electric bill, slow down global warming, and increase the value of your home. Solar panels provide a reliable source of energy because the sun itself is reliable and consistent and the addition of solar panels to your home can make it more attractive to potential buyers. Solar panels are expensive to install, but with some consideration and careful planning, you can guarantee that you will have a positive return on your investment.
Financial Benefits
- Solar panels save you money. Installing solar energy panels saves homeowners several thousand dollars over the course of twenty years, with savings ranging from $20,000 to $65,000, depending on the region where they are installed. Because of the possible savings, solar panels often pay for themselves.
- Solar panels increase your home's value. Installing solar panels for your home can instantly increase its value by as much as 4%, making their purchase a good investment decision. Potential buyers are attracted by the money they will save on their electricity bill and the idea of purchasing an environmentally friendly home. If you install solar panels and then sell your home, you are likely to recover the cost of installation. Your home will sell faster and for more money than you would receive with a non-solar home.
Footing the Bill
Solar panels can cost thousands, making it difficult for most homeowners to purchase them without financing. However, there are many affordable options that will allow you to install panels for your home.
- Leasing is an affordable alternative. You can lease a solar system and pay only a leasing fee; however, many experts recommend against solar leasing because it may be harder to sell your home if you’re locked into a lease. You may not qualify for tax credits and you may not recoup the cost of the lease on your electricity bill.
- You can use your home equity. It allows you to borrow the money to pay for solar panels using the equity in your home. One benefit of the home equity loan is that you may save more in electricity than you’re paying on the loan. Home equity loans should only be used for purchases that increase the value of your home, so solar panels are a great fit.
Making the Final Call
While solar panels can be installed on most any roof, you should do your homework on types of roofing to ensure the installation provides the maximum benefit. Solar panels may cost more if your roof is too steep or too flat, or is made of tile. Consider the age of your roof as well--if it’s too old, you may need to replace it before installing solar panels.
Going solar has many benefits. Solar panels on house roofs can provide immediate savings by lowering the cost of your electric usage while also increasing your home’s value year by year. Therefore, whether you decide to stay in the home or decide to sell it, your investment in solar panels is sure to pay off. At tax time, you will likely qualify for energy tax credits. An extra bonus? If you have enough of them, solar panels give you independence from your electric company. In some cases, your electric company may start paying you to use your solar energy. Solar energy is a great investment.
