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 for Zillow suggests homes with solar power sell 10 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 an energy broker or solar company to model how long it will take you to get a return on your investment. Consider using online calculators offered by Project Sunroof 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.
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.
Roofing resilience
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.
Solar shingles
If you don’t like those big glass panels, then solar shingles are an option. However, they are an emerging technology, not as efficient as many panels and can be more expensive. It’s wise to shop around for the most sensible solution for your situation.