There is no better time to install a solar electric system. The combination of incentives and rebates (that reduce net out of pocket costs) with the reduced cost of panels, the annual energy savings and the increased property value make today a great time to get a solar evaluation.
Installing solar will increase your home’s value in three ways—by reducing your annual operating costs, increasing your home’s value (and equity!) and make your home twice as likely to sell versus a similar non-solar home . Saving money over time by avoiding soaring utility rates makes sense to budget conscious consumers.
Increased home value results in immediately recouping the costs of going solar! A residential solar power system will increase your home’s property value immediately! In fact, according to the U.S. Department of Housing and Urban Development, home values increase an average of $20 for every $1 reduction in annual utility bills.
To make this crystal clear we’ll use an actual Phillips Solar installation on a 100% electric house that is 1800 square feet. The homeowners spent about $25,000 on a residential solar power system from Phillips. After rebates and tax credits the actual net costs ended up being just under $17,000. Governmental incentives make this the best time to have solar installed.
This system reduced their yearly electrical costs from $2700 to $650, saving the homeowner $2005 the first year in energy expenses. That equates to an immediate increase of $40,000 in the resale value of this home – more than double their net investment and instant equity in their home!
Not only is the cost to have solar installed affordable, the value of this home increased, and the actual breakeven on the investment is only 8 ½ years. (net costs of $17,000 and divide by $2005). Since Phillips Solar offers panels with the industry-best 26-year warranty, you would have an additional $35,000 in your pocket at the end of the warranty period and that is not including the estimated 5-7% annual rate increase in South and North Carolina. At 5% a year, electrical rates would have increased by 130% during the warranty period. In our example with an annual 5% rate increase factored in this homeowner could actually spend $70,000-$100,000 less than a homeowner with a typical electrical service.
Solar Homes Are More Marketable and Sell Faster!!
A residential solar powered home is easier to market and sells faster. According to the U.S. DOE’s office of Energy Efficiency & Renewable Energy, a home with solar will sell twice as fast as a home without solar – even in depressed markets. When it comes time to sell, you will have your significantly reduced or zero cost electric bills to show potential buyers.