The cost of installing solar panel systems on a home has dropped dramatically within the last decade. Is it time for your home to operate on sunshine? Here are a few pros and cons to consider.
Positives and negatives of Solar Panel Systems
1. Pro: Demolish your electric bills
Obviously by capturing free energy from the sun, you’ll pay less with your utility bill. In a few states, you may also earn money back by selling the unused energy your panels generate to the utility company in the form of Solar Renewable Energy Credits (SRECs).
2. Con: Upfront cost
While installation and materials are more affordable than ever before, it might take up to seven years for the system to pay for itself through the money you save. Fortunately, there are considerable tax breaks, rebates and solar-specific loans available to help homeowners begin. The federal investment tax credit allows you to deduct 30 percent of the cost of your system from your taxes. You can search for state programs on the Database of State Incentives for Renewables & Efficiency®.
3. Pro: Save the planet
Generating energy from fossil fuels emits harmful carbon dioxide and methane that contributes to global warming – using solar panel systems for power doesn’t. And unlike other energy sources, solar power doesn’t require water to process.
4. Con: Doesn’t work for every roof
Some roofing materials found in older homes, like slate or cedar tiles, make it difficult for installing panels.
5. Pro: May boost your home’s value
Solar panels can boost the value of your home, according to research from the Lawrence Berkeley National Laboratory, part of the Department of Energy.
6. Con: Maintenance costs
Insurance, cleaning, repairs. As with anything, solar panels come with their own additional costs. Wondering how much energy solar panels could possibly generate in your part of the country? Check out this address-based calculator from the Department of Energy.
If you would like to relocate to a state with a sunnier disposition, seasoned real estate agents like Nick & Cindy Davis with RE/MAX Premier Group can certainly help. We are always just a click here or call to 813-300-7116 away.
