Solar Panel ROI Guide


| 2/27/2017 9:34:00 AM


 

Are solar panels a good investment, even if you may sell your home in the future? Research says yes! Buying a solar panel system is good investment not only in the wellness of the environment, but also the value of your home. A study conducted by the Lawrence Berkeley National Lab (LBL) concluded that homebuyers have consistently been willing to pay more for a property with photovoltaic systems. This was found to be true across a variety of states, housing and markets, and home types. Who wouldn’t want a home with extremely low utility bills?

 Buying into residential solar power is a great way for homeowners to save on their electricity costs every month, and make the home more desirable once it goes back on the market. If you’re thinking about going solar, there are specific steps you can take to help make sure you get the greatest return on investment, whether you move sometime in the future or not!

 Local Advantage

A good first step to take is to do some research on the benefits of solar power in the state you live. The federal investment tax credit , which applies to residents in all 50 states, will allow you to apply 30 percent of the cost of your solar system as a tax credit to your income tax bill. In addition to this, there may be local and state incentives that you can take advantage of to cut the cost of your initial investment.

 Another consideration is the utility rates in your area. This will have a hand in determining the savings you’ll reap over the life of your solar system. The more expensive the electricity, the more money you’re saving when you switch to solar. Hence, making it an even more attractive feature for future homebuyers.



 The third location-based factor is the net-metering policy in your state. Net metering allows homeowners who generate their own electricity from solar panels to receive credit for feeding the extra electricity they don’t use back onto the utility grid. When you’re hooked up the grid, you’ll only be billed for the net energy use. So when your panels produce more energy than you need, perhaps in the middle of the day, your electricity meter can literally run backwards to provide you with a credit against what electricity is consumed during other periods when the electricity use exceeds the system's output. 



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