Have you heard about the benefits of solar power? You can save thousands on electricity bills.
Some folks even sell their extra power back to their cities. And to top it all off, you’re creating an autonomous, eco-friendly way to live on your land.
Sounds perfect, right?
Although it’s an exciting option, you may also face hidden costs. You’ll want to know what to keep an eye out for when you consider solar energy.
Is it worth it for you despite the costs associated with going solar? If you’re considering whether to buy a house with solar panels, read on to learn more.
Leasing vs. Owning a Solar Panel Home
When buying a home with solar energy, check whether the panels are leased or owned. If the homeowner is selling you solar panels they paid for in full, that means you’ll own the panels. This is an advantage for you.
It means you have solar power that comes with the house. If the homeowner leased their solar panels, it changes the situation. The seller will typically pay off the remainder of their lease terms with the solar company.
But make sure you discuss this so you’re not left with extra costs. The benefit of a leased solar panel is that the company can move them to your next home should you choose to move.
Costs and Benefits of Solar Power
There are upfront costs you need to consider when switching to solar power. You’ll want to make sure your home is in an area with enough sun to make it worth your while.
If you have enough sun exposure, you may even find yourself with excess power. You can then sell this to your local power company and perhaps reap a profit.
But keep in mind that the costs to install can be hefty. If you opt for ownership, you’re responsible for the upkeep and repair of your panels. Over time, solar panels will bring you a return on investment, but you’ll need time to see the results.
There are federal tax credits you can benefit from if you choose to install solar power. These credits are changing, however. The federal tax credits are going from 30% to 26%.
So keep an eye out for extra costs, as the tax credits are not as substantial as they used to be. You can also benefit from checking out for local tax credits.
For example, in Fort Collins, Colo., the local government has lucrative incentives. They’ll pay residents up to $1,000 per 250 kW installed. You can read more here: https://blueravensolar.com/colorado/solar-panel-installers-fort-collins/
Make sure to check with your local government bodies to see which perks they offer to those going solar.
Should You Buy a House With Solar Panels?
Owning a solar-powered home can be a great investment. Over time, you’ll see money coming in via excess power you generate. And no matter if you have enough energy to sell back, you’ll save money on your power and electricity bills.
Be aware of the upfront costs of taking over a lease or repair. Going solar will save you money the longer you stay in the home you bought.
Want more lifestyle tips? Check out our other helpful articles on the site!