The Impact of Solar Panels on Your Home
Residential solar is becoming more and more popular with peoples desires for independence from the grid and a greener lifestyle. Local and state governments are still offering incentives to install solar panels. Many new home construction builders include solar panels as an energy saving option. Solar may or may not become a major player in generating cheaper energy – only time will tell. What is the impact of Here are a few things to consider when looking at the property value impact of solar panels.
- Government incentives will not last forever.
- Solar panels can cost upwards of $20,000 and may be financed.
- Selling your property with financed solar panels? Financing agreement can be transferred to the new homebuyer or must be paid in full before or at the time of closing escrow. The best-case scenario is the new homebuyer loves solar panels and is willing to take over the financing agreement. Worse case scenario, the new homebuyer hate solar panels and wants the panels removed entirely before purchasing the property.
- What is the life expectancy of a solar panel?
- How much are maintenance costs?
- How much value do panels add to the value of the property?
Solar has a cool factor in my opinion but the cost is still fairly expensive. The government is betting big on solar panels, hoping solar panel technology will become more effective and cheaper in the future. With Porsche just announcing 50% of its production to be electric by 2023, it would appear our appetite for low-cost electricity is not going anywhere anytime soon.