Confused about the idea of a solar-powered home? Not sure if it will help or hurt financially?
You’re even concerned because you know nothing about solar panels or green approaches to energy! You are not alone.
Many potential homebuyers are conflicted when shopping in the contemporary market because of green energy trends. They run into solar panels without really knowing their benefits, effectiveness, or cost.
Below is a break down of everything you need to know about purchasing a home with solar panels.
More Bang for Your Buck
Although solar panels are expensive, their renewable energy benefits homeowners by saving money in the long run. Utility and energy bills build when owning a home, solar panels can decrease these monthly costs when correctly installed and properly maintained.
Having solar panels on a home always increases the home’s value, so if you decide to buy and resell, you have a good chance to make some extra cash. Plus, you get to feel good about reducing carbon emissions and other pollutants in the atmosphere. Saving money and the environment is a win-win situation!
Solar Panels and Their Worth
What to keep in mind, however, is when buying a home with solar panels already installed you must have them inspected. Focus on maintenance, leasing, and warranties.
If you want to save money, be smart about your next move. Don’t pay an outrageous price for warranties that only extend to the homeowner that had the panels installed.
Decide if you want to pick up the lease if the solar panels are not paid off at the time of purchase, and have a professional solar representative inspect the installation and maintenance. Home assessors and inspectors are not usually trained in the technology surrounding solar energy, and may not know what to look for.
Afraid of Commitment? Never Fear
Solar panels are not a forever thing, you can always decide to have them removed, but you will have to research and factor in the removal costs. Depending on the company and status of the solar panels, they may be able to re-install them depending on size or function.
What’s most important is discovering if your solar panels were installed by a reputable solar company. And if they’re still in business should you need help. If a reputable company installed your panels, the benefits far outweigh any disadvantages.
Let’s See Some Savings
Homeowners with solar panels always save, but the amount of savings depends on a variety of factors. Location and the amount of direct sunlight you receive are important.
Your specific electricity rates also play a large part in your particular savings. What you’ll need to do is calculate how much your cost and potential savings will be in your area. The average savings when looking at numerous states seems to hover somewhere between $15,000-30,000 over a 20 year period! That means an average family saves roughly $1,000 a year!
Don’t Fear the Solar Power
Purchasing a home with solar panels can be intimidating, but in the end, if the company that installed the panels is still in business and are reputable, there isn’t much to worry about. Solar panels will most likely save you a significant amount of money in utilities and energy spending.
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