My wife and I live in a small town that wholesales our electricity to us. That results in our electric bill being higher than surrounding areas. Already this year they have raised the cost of electricity resulting in higher bills.
We have been researching the addition of solar panels to our home. We would not be financing this purchase so the return on investment, after applying the 33% federal tax credit, would be about 7-10 years with the total cost of the system being ~$15,000. The panels would be able to produce enough energy to power our home year round, creating excess during the summer to power us throughout the winter. Due to the wholesaling aspect the electric department will not purchase excess energy that we would create. We are not looking to go completely "off-grid" and will still be connected to the local power, but it would essentially eliminate our electric bill.
My questions for the bigger pockets forum members is this:
-Would the addition of solar panels on our home increase equity in our home and if so how much?
- Are homes that are solar equipped selling quicker or is it seen as a liability that home buyers don't want to bother with?
- Does anyone have experience with adding solar to their residence?
- Does this investment make sense if we are planning on staying in this residence for the next 10 years?
Thank you all for the help! Have a wonderful day.
sounds like a good option for you if your electric bill is high. I'd recommend owning it outright over lease. 30% federal tax credit on the installation.
I'm looking into this for my current live-in property.
Also, depending on lot size, configuration you are not limited to just roof mount.
I'm need a carport so likely going to cover it with panels.