There’s a wide variety of helpful gadgets homeowners can invest in to help their homes become more environmentally friendly. From smart thermostats to dual paned windows, there’s something for everyone to help their home use less energy. But what about creating energy? Solar panels have been around for years now, and they’re becoming more and more popular for private homes. Here is what all homeowners should know about solar panels for their homes.
The Cost of Purchasing or Leasing Solar Panels
One thing that keeps homeowners from purchasing solar panels for their homes is the cost. Solar panels are a large investment at about $2.87-3.85 per watt, or $10,045-13,475 to cover a roof in 5 kW panels. From there, the cost goes up for panels with higher kilowattage. While solar panels have come down in cost over the years, this is still al lot of money for the average homeowner to afford. Fortunately, there’s also an option to lease solar panels through a multi-year contract. At the end of the lease, the homeowner will be able to either return the panels to the lender or choose to purchase them.
How Solar Panels Can Save Money
Purchasing solar panels may have a high upfront cost, even in areas lik the Canyons of Summerlin. but how much money do homeowners actually save on their energy bills? Homeowners won’t see giant savings immediately, and the savings will vary depending on the location of the home, but on average, homeowners can expect to save roughly $1,400 per year on electricity. With these types of savings, it should take about ten years of use for the solar panels to pay for themselves, and because panels have a lifespan of about 25-30 years depending on the manufacturer, homeowners won’t have to replace them very often.
Homeowners who chose to lease their solar panels won’t see the same savings homeowners who purchased theirs will, however. Many leasing companies will try to predict the rising cost of electricity to account for in the lease agreement, so if prices don’t rise as estimated, homeowners may not see any advantages to having the solar panels.
The Importance of Location When Considering Solar Panels
As expected, the home’s location does affect how useful solar panels are. However, homeowners don’t have to live in Los Angeles to make use of them. While Los Angeles is the top city for solar panels, right behind it is New Jersey, and Chicago is in the top ten, and Portland and Seattle aren’t far behind it.
While a home’s location does influence how effective solar panels are, it isn’t as much as most people expect. Anyone can install solar panels on their home in order to save energy and money, not just people who live in the sunny south.
Selling With Solar Panels
When it comes time to sell the home somewhere down the line, homeowners will be thrilled to know that that expensive initial purchase may really pay off now. On average, homes with solar panels already purchased and installed can sell for about $15,000 more than they would have without the panels, which may cover the cost of the purchase. After factoring in the money saved from electricity generated by the panels, homeowners can prepare to see a net gain. However, if the solar panels were leased, homeowners aren’t likely to see much of a difference in their home’s price.
Solar panels can be an excellent addition to a home because of how they’re both environmentally friendly and help save money over time. Interested homeowners should be sure to do plenty of research and find a reputable source before purchasing their solar panels.
Debbie Drummond is a Full Time Realtor with over ten years experience in the Las Vegas Real Estate Market. She and her team of Real Estate Pros offer the highest level of service. If you’re buying or selling a Las Vegas home, call (702)354-6900 or email Debbie@LVHomePro.com. They’ll be happy to assist you in your move.