As a homeowner, you’ve probably got a list of home improvement ideas you wish to make to your home. If your electric bill is high, and you want to reduce your carbon footprint, you may want to consider adding solar panels to that list.
There a ton of benefits to solar energy, and its nice thought to produce your home’s power without relying on the grid. Like any home improvement project, however, you may be wondering the long term benefits associated with ‘Going Solar’.
Average Cost of Solar Panels
Though prices may be dropping, the cost of your solar system will vary depending on the type of system you choose, the size of your system, and your location. Some states have rebates and incentives that reduce the overall cost of solar electricity systems.
In order to calculate an estimate of your solar system, you need to know how many kilowatts your solar system will be able to generate. The average price per watt is around $3, and the Center for Sustainable Energy states that the average residential solar system has a total capacity of 5 kilowatts.
Based on these numbers, you can expect to spend around $15,000 on your solar system. Fortunately, you don’t need to break the bank to get solar panels for your home. American Energy and Solar can help you bundle this into the cost of your mortgage to be able to amortize this expense. Check out our mortgage and solar power calculator here to get an idea of what your new mortgage could look like with solar power. Not into all the math? Try out AES’ custom Mortgage and Solar Calculator to help you see your savings easily!
Will Solar Panels increase your Property Value?
According to the Office of Energy Efficiency and Renewable Energy, YES. The problem arises when the home owner hasn’t fully paid off their solar system when the house is up for sale. In this circumstance, the panels become more of a hinderance than a selling point for both the home owner, and perspective buyer. At AES, we take advantage of today’s historically low interest rates, and recouple your solar system installation costs with the remainder of your mortgage. The result is a lower monthly mortgage payment, and a non-existent energy bill. All at $0 down. Thus, bypassing the frustration of owing money on your solar system when its time to put your house up for sale.
How Much Do Solar Panels Add to Home Value?
Installing solar panels on your home will not only help to decrease your energy bill, but it will also add to the value of your home, so when you choose to sell your home, not only can you have already saved tens of thousands of dollars on your energy bill, but you can also recoup a large portion of your investment. According to Zillow, the average value increase on a home with solar panels is around $9,274. However, the exact value that is added to your home depends on where you live and how much sunlight your area gets per year. If you live somewhere sunny, like Las Vegas, having solar panels on your home could be a major selling point and can make your property stand out to potential buyers. If where you live gets a fair amount of sunny days each year, you can rest assured that you will be able to get top dollar when selling your home with solar panels installed.
The EPA offers tac credits to homeowners who install solar energy systems. Over the last year, the tax credit was 26% of the total cost of your solar system. Most solar companies tend to take the tax incentive as profit. Make sure you read the fine print to ensure your ability to access these funds!
For example, lets say you spent a total of $28,000 on your solar panel installation. That means you would be entitled to an incentive of $7,280. With Biden’s presidency, this tax incentive may be here to stay, but it is not guaranteed that we will continue to see this incentive in years to come.
Factors Influencing Solar’s Added Value:
- Local Price of Electricity
- Solar Installation Price
- System Replacement Value
- Environmental immediate community
- Frequency of Power Outages
- Age of Solar System
- Amount of Energy Generation
- State Incentives
Are Solar Panels Worth It?
Let’s run some numbers based on the average homeowner to help give you an idea of what your savings could look like. Over a 30-year span solar panels save homeowners around $19,000 in energy expenses. Based on the average solar system cost of $15,000, this homeowner has already recouped their entire expense as well as saved thousands of dollars on their electricity bill. If this homeowner then chooses to sell their home, they can then increase their asking price by an average of $9,274, increasing their return on investment even further. This example person has not only completely recouped their investment, but has also made a return of $13,274. Millions of Americans have already decided to make the switch to sustainable energy because it just makes sense.
If you are interested in learning more about solar power and finding out what American Energy and Solar can do for you, check out AES’s Contact Page.
Who We Are
American Energy and Solar (AES) is a Las Vegas based consumer-focused aggregator of renewable energy and finance.
Through AES’s proprietary Energy Freedom Program, we have created a comprehensive residential energy package that flips traditional solar financing to truly benefit the consumer.
In other words, we take advantage of todays historically low interest rates, and couple your home’s existing loan with the total of your solar system installment. The result is a lower monthly mortgage payment and a non-existent energy bill. All at $0 down. More over, you get to keep your 26% cash rebate for your solar system installation. While most companies would take your rebate for their profit, AES wants to keep your money in your pocket! No hidden costs or fees!
Interested in seeing how much you could save? Try out AES’ custom Mortgage and Solar Calculator for more!
AES uses NABCEP certified solar professionals with decades of experience to facilitate your installation. We use A tier equipment that is backed by industry-leading warranties and certifications. AES believes that having licensed and experienced professionals that understand the comprehensive nature of rewiring an entire home is a must. AES believes that having licensed and certified master electricians, that understand the comprehensive nature of rewiring an entire home, is a must. Our team is dedicated to the finest solar installation from start to finish to ensure that the customer is given a product that is both aesthetically and functionally perfect.
Let’s go solar and save you money. Feel free to contact our experts for more information or check out AES’s Contact Page to learn more!