Solar Panels: Are They Worth the Cost? » Mortgage Masters Group

Florida Home Loans News

Solar Panels: Are They Worth the Cost? » Mortgage Masters Group

Not only can adding solar panels to a home save energy costs and help the environment, it also can potentially increase a home’s value. During the past year, homes with solar-energy systems sold for 4.1% more on average than comparable homes without solar power.

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The solar market has flipped, from more people leasing rooftop panels to buying them outright as vendors such as Tesla’s SolarCity and Vivint Solar have increased their direct sales efforts in.

The cost of solar panels are at historic lows; however, even with such low prices, it is more cost effective to reduce energy consumption than it is to produce energy. When we first decided to go solar with our home, we were shocked by the results of our energy audit.

One of the biggest advantages of installing residential solar panels is a 30% federal tax credit on the total cost of a system. That means homeowners – but not renters – can subtract the credit from the federal income taxes they owe, in effect reducing the price of their solar purchase by nearly one-third.

Solar panels alone are unable to store electricity collected from the sun, meaning any energy you don’t immediately use will feed on to the energy network. In exchange for this, your energy retailer and the state government will supply you with a feed-in tariff, which is a small rebate on your electricity bill for each kWh your solar system.

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But the true cost of solar panels, and whether they’ll help you save money, depends on a few key factors. Before you make the leap, learn how your electric bill, location and incentives can.

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Neither debt scheme results in ownership of the solar panel system for the homebuyer unless they exercise their option to purchase for an additional cost. In the case of a new solar-included home purchase, that encumbrance is commonly in the form of a solar lease or PPA with a 20-year term.

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