Most homeowners look for means to save on energy expenses and lower their carbon impact. Among those, one question that arises quite often is: Is it worthwhile to install solar panels? The short answer — in most situations — is a yes. But, as with all investment choices, the complete answer is dependent on your home, location, and intentions.
Before installing solar panels, consulting with a real estate company in Raleigh, NC can help you understand how this investment could impact your property’s resale potential. Local experts specialized in real estate will give you information about solar panel market values in your area together with buyer perspectives on solar attributes. Your home value will receive a permanent increase by taking this step which ensures you save money on energy bills.
So let’s break this down so that you can make the most informed decision.
Understanding the Advantages of Solar Panels
Reduce Energy Costs
One of the most popular reasons individuals install solar panels is to save on their electricity bill. Once installed, your solar system can cut your monthly bill substantially — often by 70% or even more. In the years that follow, these savings can equate to thousands of dollars, making solar panels an astute investment.
Increased Home Value
Solar homes are getting more appealing to buyers, particularly with energy prices on the rise. According to studies, homes that have installed solar systems tend to sell more quickly for higher prices than their non-solar counterparts. Therefore, even if you intend to relocate in a few years, your solar installation can increase resale value.
Tax Credits and Incentives
The U.S. federal government, most states, and some utility companies provide tax credits, rebates, and other incentives for installation. These can shave thousands off the initial cost for your system, making the return on investment all that much more desirable.
Environment Friendly
Solar energy is renewable and clean. Unlike fossil fuels, solar energy does not emit toxic emissions in the air or bodies of water. If minimizing carbon footprints is high on your priority list, one of the most effective ways to decrease your home’s impact on the planet is to include solar panels.
Do You Have Suitable Conditions for Solar?
Consider the following factors before making the jump:
- South-facing roofs with little shading generate the greatest amount of energy.
- Energy consumption: Increased consumption results in quicker payback.
- Local Electricity Rates: Your rates are higher, which means more savings with solar.
- Incentive Programs: State and federal tax credits have an enormous impact on affordability.
For most homeowners, the answer is simply yes — provided that you’ll remain in your house for some years, reside in an area with plenty of sunshine, and wish to save on energy expenses. From cheaper monthly payments, tax savings, property value increase, to positive impacts on the environment, solar panels rank as one of the wisest upgrades to make.
If you’ve ever asked yourself, “Will it pay to install solar panels?” The answer is to crunch some numbers for your home to determine how rapidly your savings will amortize the upfront expenses.