According to research done by the National Renewable Energy Laboratory, they determined that every $1 in solar power generation (or utility bill savings) adds approximately $20 in your homes total value.
Solar does more than simply reduce or eliminate your energy bills. It also increases the value of your home or business to install a PV array. According to research done by the National Renewable Energy Laboratory, a lot of value. However, this formula can change depending on various factors such as; the value of your home, location of the home and your states market, the size of your system, and the quality of the products used in the installation.
On average the increase in property resale value is approximately $6,000 for each 1 kilowatt (kW) of solar installed on or near the residence. Since electricity kWh rates tend to increase over time, the value of the solar power system increases as well, adding additional security to your investment.
The Value of your Home
First and foremost, what is the true value of your home? You need to determine as to the neighborhood quality, home structure quality, total square feet/size, etc., What will your homes value be viewed as in this current real estate market or in a future buyer friendly market. Decide on what will be the feasibility for selling the residence, and what solar might do directly for demand on your homes situation.
Only systems purchased outright will add this resale value, a system tied to a lease will only add another cost to the buyer and a second place they must qualify when they are currently making perhaps the largest purchase in their life. Not a great time to be running credit and having your buyer filling out even more financial forms.
Further, any possible value will be diminished gradually depending on the leasing terms of the energy system.
Total System Size
The larger your system is, the more it will be worth. Energy Miser clients also know they spread the initial start up costs over more wattage which shortens the ROI and leaves you with a lower bill as the years go by. Start up costs are virtually the same if you install 10 or 70 panels.
Depending on the products you pick for your system and the reliability the modules might have, a larger system with less valuable modules, inverters, racking and warranties may not scale in value to a smaller system with quality components. A 5kw system using the same products as a 3kw system will be worth more due to the higher amount of electricity it can produce for your home and the lower the bill will be. When selling, let's say you are asking $10,000 more for the house and the electric bill is $100 less, the math becomes easy.
Adding $10,000 to a 30 year mortgage increases the monthly payment $40, yet you save $100 over non solar homes in energy savings, netting you $60 a month in extra cash flow.
Quality Solar Components
As touched on above, a factor we recognize as being very important is the quality of products used on the system. Depending on where you go and what manufacturers your components are made matters in the solar energy industry. A Solar system consisting of Solarworld solar panels with a complete Enphase micro-inverter system will be safer and more valuable than a 5kw system consisting of products from manufacturers that haven’t been recognized for their quality of R&D, materials, and rigorous process to design, develop, and deploy their products. The value of the solar panels warranty is also tied to the manufacturers ability to be present and functioning in 25-30+ years to honor a solar panels warranty, another reason you're better off to go with products that have a brand name that’s recognizable.
Solar panels do more than lowering energy bills, they can also increase your homes value substantially, (often adding more value than the cost of a complete system from us). Yet another dynamic factor on going solar as a worthwhile investment.
Energy Miser Group has a predictable strategy
designed to help you deal with this ever increasing, never ending bill.
If you are in NC, in 2015 the NC State 35% Tax Rebate disappeared.
Prices have not dropped 35%, in fact they are inching up.
In 2019 the 30% Fed Tax Credit goes away.
Waiting is not working out. Give us a call and find out if Solar is right for you.
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