Are you considering adding solar panels to your home? If so, STOP and watch this video first. Hey there, Jenevieve Croall here with JLUX Homes.The rising cost of electricity and the threat of energy blackouts has many people considering adding solar panels to their home. And while this may seem like a no-brainer and indeed a great thing to do for the environment, as your local real estate expert, there are some things you need to know before taking the solar leap. One common misconception is that solar panels increase the value of your home, and in my experience, this is not always the case. In addition, solar companies will also argue that the solar buyback period – the amount of time your utility savings will take to equal the value of your solar investment – means that the panels will eventually pay for themselves.
But in most cases, I have not found this to be true either unless you plan to stay in your home well beyond the average amount of time most homeowners live in a home.You see, on average, installation and the system together can run between $15,000 and $25,000, according to the Center for Sustainable Energy. So unless you’re planning on living in your sun-powered house for a long time, you won’t see any return on your investment, in many cases, for at least ten years. Another thing to make you aware of is that many solar sales reps will try to convince homeowners to lease the panels from installers instead of paying the total amount for the gear and equipment.
As a REALTOR, this is something I would NEVER recommend if you plan on selling your home in the near future, as most buyers won’t want to take on the payments of the existing lease. And keep in mind, not everyone likes the look or aesthetic of panels on their home either. Overall, solar leases are a resale nightmare in most cases. So if your motivation is to install solar panels to lower your carbon footprint and getting back your financial investment isn’t necessary, you are good to go.
But if you are still on the fence based on this video’s information, give me a shout. We can discuss how your electric bill, location, and incentives can impact your wallet over time based on your unique situation.Stay tuned for my next video, where we’ll be looking at some smart energy-saving tips without the need for solar panels’ long-term commitment! Bye for now.