With the world’s energy needs growing, solar panels have become a popular alternative to conventional energy supply. While this technology used to be expensive and only accessible to a limited number of people, it’s quickly becoming mainstream and affordable to homeowners with average income. The panels are not only cheaper but every new generation is also much more effective at generating energy. Whether you plan to live in your home for many more years or are considering selling, solar panels are a good investment. They will both increase the quality of your life and the value of your home.
Why go solar?
Solar energy wasn’t always a popular choice. Real estate agents used to advise their clients against installing solar panels because of the high cost involved and the fear of the return on investment not being high enough. However, with the cost of installing and maintaining solar panels going down the market conditions have significantly changed and solar has become one of the smartest investments a homeowner can make. The most obvious benefit is, of course, the supply of low-cost energy that solar panels provide. Over an extended period of time, panels will generate a huge amount of energy that you would have otherwise had to pay for. Solar generated energy is also great for the environment as it’s the most efficient renewable source of energy. Because of all these reasons, your house will increase in values for potential buyers who want to save up in electricity bills but also for all the people who are environmentally conscious.
Types of panels
In general, there are four common panel types and which ones are best for your home varies a lot on your specific requirements. Here is the basic information about these panels:
Monocrystalline Solar Panels provide 20% efficiency but are the most expensive. They are optimized for commercial use as they have a high lifetime value.
Polycrystalline Solar Panels provide 15% efficiency and come at a lower cost. But they are also much more sensitive to temperatures and have a shorter lifespan.
Thin-Film: Amorphous Silicon Solar Panels have the lowest efficiency at about 7-10%. They come with the lowest production and installation costs but also the shortest lifespans and warranties.
Concentrated PV Cells are the most efficient at about 41% but they require solar trackers and cooling systems in order to reach those high-efficiency rates.
All these panels are categorized into 3 three generations. From the traditional to the most advanced panels that use the latest technology in order to produce the highest efficiency.
Size and cost
The property value increase by installing solar panels can vary a lot, but the general rule is the more valuable the installation the higher the increase. If you are not sure which installation fits your home best, it’s recommended to try out the reliable 5kw solar system as it provides a great value compared to the price. The main cost of installing a solar panel comes from buying the equipment. The solar module is by far the most expensive part. After that comes the rest of the equipment such as the inverter, metering equipment, cables, and wiring gear. Batteries used to be very expensive but more people are including them as the prices are going down. Other costs include installation as well as some operational and maintenance cost. These are all very specific based on the type of installation and the location.
Leased vs. Owned
Leasing a solar system might seem like a less expensive solution for the short run but it can cause a lot of difficulties if you decide to sell your home. Canceling the lease agreement with the solar company can be expensive as it usually involves paying out the remaining contract time. This is obviously a very bad investment and the only logical solution is to transfer the lease to the buyer. However, this solution isn’t simple either. You need to find a buyer who is willing to accept the same leasing agreement that you signed up for. And also transferring the contract can be a complicated process and comes with its own kind of fees. Therefore, if you want to increase the value of your property, the best option is to simply buy your own solar system. This is a higher instant investment but one that pays out the most over time.
So, what’s the verdict?
Solar panels are a great way to improve your living conditions. At the same time you are increasing the value of your home in case of a decision to sell. There are many panel options and which one ultimately fits your home best depends on your needs and budget. Still, in general, if you sell your home after you have installed solar panels, you will see a huge return of investment from both the higher home value and the money that you saved on the power bills.
