Solar panels have become more popular than ever! With more affordable installation and material costs, many people are installing solar panels on their homes. It might be worth considering if you want to offset some of your energy costs.
The Ease of Installation
Solar panels still require expert installation, but the process has become much more straightforward. A good installation technician will be able to walk you through the process so that you understand the pros and cons of your investment.
Solar Panel Placement
You will want to consider the placement of your home with respect to sun exposure. South-facing homes are ideal, but other positions can also work depending on the slope and direction of your roof. The shade from tree cover may also play a part in the placement.
Return on Investment
The average return on investment (ROI) for solar panels in the United States is roughly 10%. The ROI isn’t the same as the payback period. That’s part of it, but the rate of return and the cost savings for energy should also be factored into the decision.
Rebates and Tax Credits
For solar power systems installed between 2022 and 2032, tax credits are 30%. You must meet certain residential requirements, so check with your tax accountant before signing a contract to learn more. You can also review the federal guidelines for more details.
Purchase? Lease? Power Purchase Agreement? Or?
There are many types and structures of “Solar Agreements” and you really need to understand what you are agreeing to before signing on the dotted line… I often find when assisting clients with the sale or purchase of a home with solar panels that they don’t know what type of contract they have signed – it is VERY important to understand the options, and to understand the terms of your agreement. You will need to know what type of agreement it is, what is and is not included in the price, warranty & maintenance information, and more.
Need help?
I will be happy to answer any questions that I can, and to direct you to trustworthy experts for any questions that I can’t answer (people who aren’t just looking to sell you something…). I’m here to assist you with all of your real estate needs!
Laura Harbison, ABR, AHWD, BPOR, BS, CDPE, CRS, DRB, GRI, PSA, RSPS, SRES
Broker/Owner REALTY EXECUTIVES SOUTHERN NEVADA PROPERTIES
License Numbers B.0026537LLC PM.0164922.BKR