Solar and Home Values
What is the cost of a solar panel installation? It is probably the question we hear most often. And the answer may be what is the cost of not going solar with a solar panel installation? What money are you leaving on the table? When would you like to start saving on electricity or pay the lower electricity price? Part of the problem is that most people don't think about the electricity bill and when they do they are not associating the ability to produce electricity with just consuming electricity. We understand that utilities generate electricity and make money, but very few think about the value of having the ability to generate that same electricity from solar (photovoltaics) on their roof. That roof is now an underutilized space - It should have solar panels - converting that sunlight to electricity and powering your home or business!
Does solar increase the value of the home more than the cost of the system? The answer for most homeowners is yes!
From the people at Lawrence Berkeley National Laboratory, a research laboratory affiliated with the Department of Energy who continue to expand on that research as solar grows across the U.S.
Increase home value 3-4% by installing a solar panel system
The Lab’s 2015 Selling Into the Sun report analyzed sales of solar-equipped homes in eight different states over 11 years with the goal of determining just how much value solar adds to a home’s sale price. The key finding: on average, homebuyers are “consistently willing to pay PV home premiums” of approximately $4,000 per kilo-watt (KW) of installed solar capacity (note: this study only covered homes where the solar PV system was owned, not leased). A standard 7 KW system would add $28,000 to the value of the home.
How long does the average person stay in their home? 13.3 years
As of 2018, the median duration of homeownership in the U.S. is 13.3 years. However, homeowners in some cities in Colorado have moved more recently—or more frequently—than groups in the rest of the country.
You're getting Federal Solar Tax Credit. 26% in 2020. If you spent $24,000 on a home solar energy system, that would mean a tax credit of $6,240. The out-of-pocket cost of your system drops to $17,760.
You're paying less to install the system before the tax credit than the resale value of the system.
You can finance the system with a 15-year loan with a monthly payment about equal or just a tad more than what you are paying for electricity on your utility bill now. After we go to time-of-us rates, the payment could be less. The difference is that now you have solar, you can pay off your electricity needs and save tens of thousands of dollars, and have a super low electricity bill. Visit: Colorado Energy Office RENU Program
Most systems we install have an estimated 10 to 11-year payback. The higher or quicker we see increases in electricity prices will most likely shorten that payback period. Note: Xcel Energy's rates in Colorado
It is a win, win, win for everyone. Even if you decide to move on to another home, you have the peace of mind that solar home energy is popular and maintains its appeal and resell value.
Learn more with us. Schedule an appointment or give us a call.
Call (609) 540-9464 or send an email to email@example.com
Solar Side Up LLC is a locally owned and operated company that quickly earned its place among the top 10 solar system installers in the state. We provide custom solutions to the unique energy needs of our customers in Lakewood CO. Our solutions are always reliable, affordable, and utterly efficient. These factors make us the best solar panel company for you in the area.
Solar Panel Installation Quotes
One of our excellent services is that we offer solar panel installation quotes beforehand. Giving quotes is a win-win situation for both the company and the customer.
Our Top Services
Our top-notch services in Lakewood CO are:
- Residential Solar System
- Commercial Solar System
- Solar System Repair
- Roof Repair
- Solar Financing
Why Should You Hire Us In Lakewood CO As Your Solar Panel Company?
The Factors Which Make Us Your Best Choice In The Area Are:
Ranked Under Top 10 installers
Insured & Licensed
Skills & Experienced Team
Wide Range Of Service