If you considered solar panels for your house but were deterred by the cost, it’s time to take a second look. Solar costs have dropped significantly and in some cases, there’s no upfront cost. A Federal tax credit may be available, which just sweetens the deal. Plus, solar panels could help you sell your house faster and for more money.
Four things to know about Solar and PV:
1. Price drop
Many people have considered solar panels in the past and felt that the cost was simply too high, but prices have declined 29 percent between the fourth quarter of 2015 and the fourth quarter of 2016, according to the Solar Energy Industries Association. Costs vary, depending on factors like roof size and how much electricity you use, so get quotes from a solar company for specifics on your house. Find a ballpark on solar costs and payback at EnergySage, energysage.com.
2. Leases and farms
In some states, solar leases can give you the benefits of solar without a big cash outlay. Monthly payments on the lease make this a lower-cost option. Leases should be thoroughly reviewed and be sure you fully understand the terms before signing. When you sell, the lease can be transferred to the new homeowner.
Community solar—a way for residents of a community to tap into and share the benefits of a solar “farm” without installing panels on their own homes—is becoming more common. The Community Solar Hub says 26 states now have community solar projects.
Solar myths abound. Among them:
Myth: Solar is too complex and unreliable.
Truth: Panels are reliable and technology advances are making them better every year. Nothing changes in how things in the housework. You’re just generating power on site.
Myth: My city is too cold or cloudy for solar panels. Truth: You don’t need blazing sunshine every day. Solar works areas where it’s cold, snowy, foggy, and cloudy. Check out if your home is a good candidate for solar with Google’s Project Sunroof. (google.com/get/sunroof)
4. Resale value
In 2015, National Renewable Energy Labs found that homes with solar panels on average sold 20% faster than other homes and for 17% more than non-solar homes. Solar panels also increase a property’s perceived value, said 42% of brokers and agents surveyed in the 2017 REALTORS® and Sustainability report by the National Association of REALTORS®.
Learn more about the 30% federal tax credit on residential solar electric (PV) systems; Now through 2019. DON’T WAIT: Visit SEIA