The True Value of Residential Solar Panels

The true value of solar panels is really tied up in protecting the planet for future generations. Reducing a home's carbon footprint may not save the world, but it's certainly a start. And yet, many homeowners still haven't adopted energy-efficient technology for a variety of reasons. They may not realize that their options have changed, or understand the cost-saving potential of solar power. See how solar technology has changed, and whether or not an investment would be worth it for you.

Initial Efforts

This is the probably the key factor on everyone's mind. It can be expensive to install solar panels, especially if homeowners aren't certain how long they're going to live in a home. Many companies give homeowners the option to rent solar panels, though again, the expense can be off-putting.

The exact amount of money saved will be based on how much direct sunlight a home gets, and how much electricity a household uses. If the solar panels aren't powerful enough to produce the necessary electricity, homeowners will have to fall back on conventional electricity to power their homes.

Cost Savings

For as expensive as solar power can be, the cost savings can also be considerable. But to really get the benefits, homeowners need to stay in their home for a while. In Massachusetts, the average cost of a 5KW solar system is about $14,000, but the cost savings over 20 years is expected to be around $30,000. In California, homeowners pay about $13,000 for installation, with an average savings of $28,000. Homeowners can visit the website DSIRE to learn more about their savings, along with other opportunities in their area.

Community Benefits

Homeowners may be able to lower the cost of their residential solar power panels with the help of local or state tax incentives. Many local leaders are exploring and implementing community solar, which allows people to invest in solar panels that will power multiple homes at the same time. All of the people in the program share the costs, which makes solar energy that much more financially accessible.

Solar power works by grouping solar cells together. The more cells there, the more power it generates. Community solar capitalizes off this technology by generating as much power as possible from any given number of panels.

Resale Considerations

Solar panels use no water or greenhouse gases to power a home, which can substantially lower the structure's environmental impact. Reports vary, but some have suggested that it can reduce a home's footprint by up to 95%. This isn't just good news for the original buyer, it's also good news for future buyers of the home. The green movement isn't likely to lose momentum anytime time soon, which makes homes with solar panels particularly attractive to new buyers.

Between the desire to be environmentally responsible and the benefit of saving on electricity bills, Solar panels may be able to boost the value of a home by up to $20,000.

No matter why a homeowner is interested in solar panels, whether it's for the environment or for their power bills, they owe it to themselves to find out more. Solar energy technology now offers more options than ever to make smarter choices about their home, whether they live in Frenchman's Creek or elsewhere. It doesn't hurt that it may save a homeowner up to $30,000 in energy bills while increasing the value of their home up to $20,000!