Upgrading Solar Panels or renovating solar panels is an excellent way to save money on your energy costs. It can also improve the appearance and value of your home, and may even help you qualify for tax credits or loans.
Increased property value
If you are thinking about installing a home solar panel to reduce your energy bill and help the environment, you may want to consider it as a home improvement project that will also boost your property value. A study by Zillow found that homes with a solar panel sold for a larger percentage of the list price than similar homes without.
According to a study by the National Renewable Energy Laboratory (NREL), installing solar panels in a home increases its value by about $20 for every $1 you save on annual utility bills. As a bonus, a home with a solar panel system will last longer.
The Office of Energy Efficiency and Renewable Energy says that the real estate market is now “embracing all things solar”. This includes solar panels, which can significantly increase the value of your property.
Increased curb appeal
When it comes to upgrading or renovating solar panels, a number of options exist. The key is finding the right one for your home. With a little work, you can improve the look of your home without breaking the bank.
One of the most important elements of curb appeal is the front entry. This is where potential buyers will get a first impression of your home. You can make a strong first impression by installing a lockset and lighting.
Another smart move is replacing an old, drab front door. Changing your door from a wood to a modern steel door can improve energy efficiency and add to your home’s overall appeal.
It’s a good idea to include an outdoor seating area on your porch. Including a bench, chairs and tables will keep visitors entertained while adding to your curb appeal.
Tax credits
In recent years, the costs of solar panels have come down significantly. Now, the government offers several ways for homeowners to recoup some of the costs. Some of these credits and rebates are income-based. Depending on your state, you may be able to claim a credit for up to 30% of the cost of installing a solar panel system.
The federal tax code counts solar and other renewable energy systems when calculating your federal tax liability. You can receive a credit for up to 30% of the total costs of a new solar panel system, or the total costs of a solar water heater or solar electric equipment.
In addition to the federal tax credit, some states also offer state-specific incentives. For instance, the city of Philadelphia offers a program that allows residents to receive a $0.20-per-watt rebate for the installation of a new solar power system. In Austin, Texas, incentives are offered to homeowners going solar while the Public Utility Commission of Texas provides consumers with information and tools to stay on top of energy choice options. Visit power to choose electricity plans texas to know more.
Loans to offset cost
When it comes to loans to offset the cost of upgrading or renovating solar panels, there are a number of different options for homeowners. These include home equity loans, personal loans, and financing from a variety of financial institutions. Before selecting the option that best suits your needs, it’s important to consider all your options.
Homeowners who use a home equity loan to finance a solar installation can be rewarded with interest-free payments and fixed repayment schedules. This is the ideal loan option for a homeowner with a substantial amount of equity in their property.
However, if you have less than adequate equity in your home, you may not be able to take out the loan you need to install a solar panel system. For this reason, you could opt to buy your solar panel system outright.
Energy-efficient products can cost more, but they can also cost less
Energy-efficient solar panels can cost more, but they can also save money in the long run. The cost of the initial panel installation is only a small part of the overall expense. But the longer you own the panels, the less you’ll spend on electricity over time.
Increasing the efficiency of a solar panel reduces the payback period. When panels are more than 20% efficient, the payback is reduced to less than 1.5 years.
Most silicon-based solar panels can repay their embodied energy within two years. The larger the size of the cell, the higher the efficiency.
Larger panels increase the surface area of the cells, which leads to greater overall efficiency. For example, a standard 60-cell panel has a power rating of 300-330 Watts. By increasing the size of the cell, the power rating can be doubled.
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