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The Scoop On Solar
Dated: December 16 2016
In many parts of the U.S., solar is becoming a more popular renewable energy source used to power the home. Not only can it help you reduce your energy bills, it may also add to your home’s value as well. Although the days are getting shorter and snow is falling in many parts of the country, the best time to think about and plan for a future solar purchase is now. The information below outlines the basics of solar.
What is solar power?
Solar panels generate DC electricity during the day and send it to an inverter, which then converts it to the AC-type of electricity which can be used in households. Solar panels can last up to 40 years and boast a return on investment of 15%-20%! Typically solar panels will cost between $15,000 to $40,000, depending on your solar set-up, minus the rebates and tax credits available. Generally they pay for themselves within 7-12 years.
What are the benefits?
Once you get past the initial installation and maintenance costs, the energy you generate is FREE, which means you will save a lot of money.
Solar allows you to tap into the unlimited power of the sun, making you less reliant on energy drawn from fossil fuels.
Studies show that buyers are willing to pay up to $15,000 more for a home with solar panels than without.
Home with solar installations sell on an average of 20% faster than homes without.
What are the downsides?
Your system won't generate energy at night, so energy generated during the day must either be stored or sourced from elsewhere. Additionally, the system will generate less energy during the winter months, when days are shorter, making it necessary to have a backup source of energy.
Currently, solar panels can convert 22% of the sun's energy into electricity, which means you will need to install a good amount of panels just to power your home. However, efficiency does continue to improve drastically and will continue to.
Will solar panels add value to my home?
In most cases, yes. If you live in an area with an active solar market, solar panels will add more value to your home than if you lived in an area where the solar market is less developed. Studies show for every additional dollar you see in savings on your energy bill, you'll add $20 to your home's total value. The average increase is around $5,900 per installed kilowatt. It is important to keep in mind, however, that the method used to finance the panels plays a role in how much value they may add to a home. If you own panels, they'll add value. If you lease them, they may not add value.
Jill Biggs leads the top-producing real estate team in Hudson County, N.J., a booming market located just outside of New York City. With more than a decade of experience serving Hoboken, Jersey City a....