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Will my solar system increase the value of my house?
According to a recent study from the Appraisal Institute, the selling price
of homes increased by $20.73 for every $1 decrease in annual fuel bills. Using
this 20:1 multiplier, a typical 3kW system will increase the
value of your home by $20,000. For example...
- estimated cost -- $12,000 after
incentives
- estimated saving -- $1,000 in annually
- 20:1 multiplier -- $20,000 in increase value
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How much will it cost?
The cost of a solar electric system can vary significantly depending on the amount of power required. A home with a $50/month electric bill will require a completely different system than a home with a $500/month electric bill. For this reason, residential systems range in cost from $10k–100k.
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How long will my solar system last?
The experts agree that a quality solar system have a life expectancy of over 50 years. The best
solar panels on the market today have 20 to 25 years warranty. Since there are no moving
parts, there is virtually no wear and tear, making solar panels extraordinarily
durable. We are constantly researching and comparing, so that we can offer the
best overall value for you. Furthermore, the first solar panels that were made in
the 1950s are still working and producing electricity today. Many experts believe that a quality solar system will out last your house. We share those believes.
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What are the financing options?
Many homeowners finance their systems with funds from a home mortgage or home equity line of credit. Loan payments are frequently similar to or less than what a homeowner would pay the utility for power. Plus, the homeowner now owns a solar electric system that adds value to their property and protects them from future utility rate increases.
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Why do governments offer rebates and tax credits?
The government understands the environmental impact and the economic benefits of solar energy. To build momentum, they offer rebates and tax credits so that we can all cash in. It's in the national interest. While other advanced
nations now produce over 50% of their electricity from solar energy, the United States
still produces less than 1%. Note: the rebates and credits can cover up to 50% of the total cost of a system.
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Why are these incentives set to gradually disappear?
Because once people discover how much cheaper it is to put the sun to work for them rather than rent their electric supply from the big power companies, the
savings are so substantial and so obvious that there is no need for any other
incentive. Currently, some incentives are now almost half off what they used to be. In countries where solar power is widely utilized, the incentives are no longer offerred.
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Is it true that the cost of solar power will go down in the future?
We think so. However, as the price of solar energy goes down, so are the incentives and tax credits. We think the net cost will remain steady. Keep in mind that solar technology was discovered 150 years ago. Its price hasn't drop much. On the same token, the rate of electricity increases approximately 10% year-over-year. Acquiring a solar system now will make a smart financial investment.
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How long is the system payback period?
Properly designed and installed solar energy systems have paybacks in 5 to 10
years -- and even faster if special electric rates are appropriate.
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Benefits