Solar Power Systems Protect Homeowners from Ever-Increasing Energy Rates and Add Value to Their Properties
Beyond the environmental benefits of having a home solar power system installed, many homeowners choose this solution as a way to dramatically decrease electricity expenses. Power bills are the one certitude of the modern world, and the constant increase in electricity rates is not likely to put any financially minded homeowner’s mind to rest.
According to the U.S. Energy Information Administration, the national average price for electricity rose for the last three years and is expected to follow the same upward trend for 2016. Regional extreme weather events (such as the 2014 Polar Vortex hitting the Eastern U.S.) or the effect of related shortages (such as insufficient gas pipelines, as it happened in Massachusetts) can cause drastic spikes in electricity costs. In such an environment, investing in solar electricity protects a home or business owners from unpleasant surprises.
Installing solar panels have an immediate effect on the mighty power bill. Homeowners can see the decrease in electricity expenses starting with the first month of using solar energy. Even better, depending on how large the solar power system is, it is possible that the power bill can be totally eliminated. In addition, the savings are likely to increase with the rise in electricity prices, making the gap between these and the actual expenses consistently larger.
But equally important is the fact that, while homeowners can count on ever-rising electricity costs, they can also expect falling costs for solar panels. This is largely due to the continuous growth of the solar electricity industry and the advances in energy technology and in the efficiency of solar cells. It is a winning equation for the financially savvy homeowners with a taste for certainty when it comes to their bills.
In short, the return on investment for solar power systems steps into double-digit territory, with a possibility of recovering the upfront cost in its entirety in as little as 6.5 years. But there is another return on investment that homeowners who choose such renewable energy resources have the right to expect. Solar power systems dramatically increase the value of a house, approaching or reaching a 100% ROI. When the house is in an environmentally minded community, the opportunities for a satisfying sale are even better.
In order to correctly appreciate the value of this investment, homeowners have only to consider that, according to the 2016 Cost vs. Value Report, home improvements such as midrange or upscale bathroom additions or composite deck additions bring a return on investment of only 56-57%. They may find that, when it comes down to hard numbers, priorities have a way of redefining themselves, and solar panels may become more appealing than the upscale master suite they dream of.
When the value of the house increases on top of already major energy savings, it is a promising scenario, whether homeowners intend to keep or sell their property. So if you are considering adding to the value of your home and to the power of your wallet, and if you are looking for low-cost solar panel installation in Tampa, give us a call. We will find the best solution for your home and we will put you on your way to start saving.