Planning on moving in the next six months to a year? And worried you won’t get any benefit by putting solar on your house now.
You’re probably sitting there wondering why you would go solar. You hear many times that going solar is a bad idea because you’re not going to benefit from only using it for a few months. Many of the things you hear today simply aren’t true and in fact, many solar myths followed today are the result of misinformation spread online (particularly regarding the cost and benefits of panels today).
Most homeowners today only live in their home for an average of seven years. That means that the likelihood you will move in the future is very high. However, time passes quickly and your utility company is consistently raising their price year after year.
I may not see any savings in the time I live in my home. It takes too long to get a return on a solar investment.
While this may have been true in years past, it is no longer true. Homeowners can start seeing savings immediately with solar today without any money out of pocket. They simply switch paying their utility company to pay for the panels. The amount that is paid is pretty close to the same or less than what they are paying to their current utility and most importantly, the payment is locked in at a lower rate.
By going solar, not only will you save money right at the start of your installation, but you’ll receive big tax incentives that will benefit you right away. It is definitely worth taking a look at the numbers to see what the savings would look like for your home. Most homeowners are surprised by how much they can save immediately as well as over time with no money down.
I’m not sure if I’ll benefit from the tax credits for solar.
Much of the confusion around tax credits revolves on definition and how they are used. The benefit you get from going solar is a tax credit. It is NOT a check sent to you from the federal government. It is also NOT a rebate check that you receive from the manufacturer. It is a tax credit that reduces your tax liability. If you typically pay taxes, you can lower the amount you would have to pay with this solar tax credit. If you typically get a refund, it may increase the size of your refund based on what your current tax liability is. You should talk with your accountant to determine exactly how you can get the full benefits of the tax credit based on your situation.
The great thing about installing solar is that it not only saves you money now, it also increases the value of your home.
The Lawrence Berkley National Laboratory recently released the largest ever study on the resale value of homes and concluded after evaluating more than 22,000 homes sold in eight states that the average home increases by $20,000 by having solar panels. So, to summarize, even if you are planning on moving soon, you’ll see benefits in two ways. You can sell your home for more and you’ll save money on your utility bill between now and when you move.
By scheduling an appointment with one of our energy advisors, you’ll know within a few minutes whether solar will even make sense for your home even if you are considering moving. Then, you can make an informed decision about whether solar will be a good option for your home.