As utility bills continue to rise, you might be wondering if there’s a way to reduce these costs and what impact this would have on the future resale of your home.
These are smart questions, because energy efficient homes are highly desirable among buyers who want low power bills as they tailor their lives to deal with the current spike in inflation.
Solar panels are a popular energy saving choice and there’s a good reason for that.
Research from Zillow suggests homes with solar power sell ten days faster than average and add a 1.4% premium to the purchase price.
But are solar panels a wise choice for your home? Generally, solar requires a significant investment, so you’ll only get a good return on investment if you consume a lot of electricity.
These tips may answer some questions for you in the search for a more sustainable lifestyle.
Will Solar Panels be a Smart Investment?
The answer depends on your consumption level and the amount of money you’ll need. Seek advice from a reputable solar company to model how long it will take you to get a return on your investment. Ask neighbors or friends that have solar panels about their costs and the positives and negatives that they’ve experienced. Consider using online calculators offered by Project Sunroof (a website developed by Google that uses big data to help determine your best bets for solar energy) and EnergySage as the first step in your analysis.
Government Incentive Programs
You may qualify for a grant or rebate on a solar installation. Go to the Database of State Incentives for Renewables & Efficiency to see what’s available. A federal tax policy that expires in 2024 allows you to claim a deduction on your federal taxes. This year, you’ll get a 26% tax credit and 22% next year. The Office of Energy Efficiency & Renewable Energy breaks down the details on its website. You may also qualify for rebates and savings from your local municipality or utility company.
Importance of Your Building’s Position
Southern facing homes see the most sun and therefore get the most benefit from solar panels. If you’re north facing or in the shade of buildings or trees, you’ll need a second opinion on whether solar will deliver on its promise. Ironically, panels are most effective during overcast days, not when the sun is blazing.
You’ll need a sturdy roof to hold the panels, especially when the weather gets a little wild. Some owners use a solar installation as an opportunity and reinforce their roof as part of the same project. Hail can be a concern here in South Texas, but the technology is getting better to help prevent some of those concerns.
If you don’t like those big glass panels, then solar shingles may be an option. However, they are an emerging technology, not as efficient as many solar panels, and can be more expensive. It’s wise to shop around for the most sensible solution for your situation.