What is the Main Reason People Buy Solar Panels? You Will be Surprised.
An investment in a solar panel installation is not a green option, unless you are talking about the color of money. With just about every occupation calling themselves “green” these days, I wonder if solar is green.
Purchasing solar panels is not necessarily an environmentally conscious decision. In fact, most people who buy solar panels say that their decision was purely financial. The average solar customer is only looking to reduce their electric bill to a manageable level by their retirement.
Most financial planners help their clients grow their investments and protect their assets. They seldom discuss a reduction in utility bills, because who wants to retire only to shut off their air conditioner in order to afford their lifestyle? So a solar electric system should be considered as part of a prudent retirement planning strategy.
In the past 30 years, electric rates have risen an average of 5.5% every year. This means that the average monthly payment could double every 13 years and put a strain on cash flow. A solar electric system will reduce or even eliminate one’s electric bill and hedge against future rate increases. And every kilowatt hour that is produced through a solar system is one in which will not have to be paid to the utility company. A solar electric system literally spins your meter backwards.
Even though valuation is subjective, a solar installation will increase the home’s value. Take this example: let’s say you and your neighbor each have your homes for sale. You have a solar system with an electric bill of $9 per month and your non-solar neighbor has an electric bill of $200 a month. By purchasing your home rather than hers, the potential purchaser could save $22,000 over 10 years. It’s easy to see which home is the better deal.
Here is the best thing about an investment in a solar system: state rebates usually cover almost 10-25% and the Federal Government gives you a 30% tax credit on the remaining cost. Not a bad deal!
So, a solar system reduces or eliminates your electric bill, hedges against future rate increases, increases the value of your home and the government pays for approximately half of the investment. On top of all that, it produces free, renewable energy…which is only a bonus.
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