We’ve all heard about how solar panels can make a huge impact on the climate and our energy bills, but as a property owner, you have to ask yourself: are solar panels really going to help me? Homeowners have a whole other suite of considerations when it comes to ensuring their properties run efficiently, but can also sell easily, if need be. Also, you have to consider whether the high up-front costs of redoing your home’s entire energy system are worth the hassle. All of these considerations can make deciding whether to install solar panels challenging. But don’t worry, we’ve crunched the numbers so that you can decide whether installing solar panels is the right decision for you.
Example of Tesla solar roof shingles.
WHAT ARE THE COSTS AND BENEFITS OF SOLAR?
At first glance, solar panel installation costs are jarring. In Massachusetts, solar panel installation ranges between $14,918 and $20,182. That may seem high, but whenever you’re considering investing in something, just like a property, you also have to consider the benefits you’re gaining. First, consider that you’re going to be saving at least $31,000, and up to $42,000 over the next 20 years in energy costs. That may seem like a long time, but also consider that you’ll have broken even on your investment in as little as 6 years thanks to all of the money you’re saving.
Now, you might be wondering how solar panels affect the price of your home. This is a really important consideration as a property owner should decide to sell your property. Solar panels haven’t been, and still aren’t, the most appealing thing to look at, especially if you have a beautifully-fitted, new roof on your property. Well, the good news is that several studies have found that solar panels actually increase the value of your property, if not the aesthetics. One study even found that if your solar energy system saves you $700/year, the value of your property rises by $14,000. This is largely because…