Next month, June, marks the official start of summer—a time when schools break for vacation, BBQs sizzle to life, and electricity bills inevitably climb. This prompts the age-old question: should I add solar panels? While the answer hinges on individual circumstances, here are some key points to consider.
The two most common reasons when adding solar to your home are environmental concerns and financial incentives. Solar energy offers an alternative to fossil fuels, with panels capable of slashing electric bills. What can be overlooked are substantial upfront costs. Solar panel installations can vary widely in price, ranging from $10,000 to over $40,000. Homeowners may spend decades paying off their investment before enjoying reduced bills. Luckily, tax incentives are in place to help with this issue.
Solar panels may increase the value of your home. Fully paid panels present an advantage, promoting drastically reduced or even credit on electric bills. Yet, unpaid panels can complicate selling your home. Problems arise regarding who assumes the remaining lease or payments on the panels. If you are considering selling but have a remaining balance on your solar panels, I would be happy to have a conversation with you about the best way to go about it. There is no obligation, just a simple conversation!
