As the cost of installing solar panels onto your home has decreased, and the average PG&E bill in California is on a disgusting upward trend, it might be a good idea and time to install solar panels on your property! Over the past decade the prices of installing solar panels has been obliterated (down over 70%). What was once an expensive and speculative investment could now be installed for an average price of $18,000. This could be a money saver here in California where the average kWh (killowatt -hour) is about 16.7 cents and the national average is at a low 10.6 cents!
Over a span of 20 years, on average, a Californian could expect to save roughly $21,000. Imagine having an extra $1,050 in your savings account at the end of the year! With the cost of electricity rising and the cost to install solar panels has come down a lot, it might be a good time to install solar panels. Compared to 5 or 10 years ago the savings over 20 years did not offset the installation cost of investing into solar panels. Of course these savings are different around the U.S and might not be worth the cost in other states, but depending on your cost of electricity, it could be something to consider.
Increase in home value
Another angle of this investment, other than savings in the long run, is an increase in home value. When it’s time to sell your home, solar panels might pay themselves off and have more left over. That is not the case nationwide, but in California it seems that on average, depending on the size of the house, going solar might pay off with a boost of roughly 4%. Of course other factors come into play when pricing a home, but if you own the solar panels and do not have a solar lease, your decision to install solar panels will pay off.
Don’t forget that there is a tax credit on your purchase and installation of solar panels. Here is a link for a more detail on the tax credits now and going into the future!(https://news.energysage.com/congress-extends-the-solar-tax-credit/). Another cool thing homeowners with solar panels could do is sell their energy back to their utility company! Any surplus in solar energy could be sold back to reduce your bill even more! Learn more:(https://www.pge.com/en_US/small-medium-business/energy-alternatives/private-solar/understand-your-solar-bill/net-surplus-compensation.page)
Looking to move into a house? Considering selling your home? Partner up with a local real estate pro! Call me at 707-480-9383.
Need a loan? New to housing market? Learn the basics and get what you need from Eric Taggesell, VP of Mortgage Lending at Guaranteed Rate Affinity. Call him at 707-757-6195!