The Hidden Cost of Buying Solar Panels for your Home
Solar energy is becoming one of the most popular trends in green living today. For homeowners that love to help protect the environment, the first thing they want to install is solar panels. Solar panels are an incredibly efficient way to power your home and reduce your carbon footprint at the same time. If you are interested in reducing your energy costs each month and helping prevent climate change you should highly consider solar panels for home. While they are a great option for many homeowners, there are some hidden costs of buying solar panels that everyone should be aware of. Here are some of the hidden costs of buying solar panels for your home.
One thing that many people do not ever consider is how installing solar panels for a home may affect your home insurance premiums. This hidden cost of buying a solar panel for your home is one that you should highly consider and talk to your insurance company about in great detail. Some insurance companies will raise your insurance premiums, while others may lower it. The decision to increase or decrease your bill is completely up to the insurance company, so before you make any decisions it is best to talk with them.
Damage To Your Roof
Since solar panels are installed directly to your roof there is always the possibility that they can damage your roof during the installation process or the removal process. If you are buying the solar panels and installing them you will likely be solely responsible for any damage that may result. If you are leasing the solar panels, like many people choose to do, the company that you are leasing them from may be responsible. It is important to read all contracts from leasing companies and solar panel installers before you agree to let any work take place on your property. These added costs of solar panels can add up over time.
The most important hidden cost of buying solar panels for your home is the installation costs. Installation is one of the main costs of solar panels that will significantly increase the overall cost. You should shop around and look at different solar installers to find out who has the best installation fees and who has the best reputation. Do not base who installs your solar panels solely on price. The cheapest installers may have a reputation for damaging roofs while installing them. Check their references and get accurate quotes from a few different companies. Ask about any hidden costs they may have so you know exactly how much you will need to budget for.
Solar energy has given many people excellent tax credits that give them money back at the end of the year. Many tax credits are expiring in 2020 and this means that homeowners may not be given the same incentives as they were years ago. If you are considering installing solar panels you should check with your local government, state government, and the federal government to see which types of tax credits they are offering and how long they are offering them for. You do not want to miss out on this money simply because you waited a month too long to start the process.
Can Make A Home Harder Sell
Typically, people are unable to buy their solar panels outright from a company and they are required to lease them. If you are leasing solar panels for home, you will likely have a twenty, or even thirty, year commitment. This means that you are contractually obligated to either pay off the balance of the solar panels or sell your home to a homeowner who is willing to lease them from you. Many people will not live in the same house for twenty years so if you are deciding to lease solar panels you should understand all of the risks.
Solar panels make homes more desirable because of the lower energy costs, however, they can also make them more difficult to sell if the potential homeowner will have to pay for the financing of them. It is important to look at the local real estate figures and determine your life goals before you decide to invest in solar energy. The decision to switch to solar energy could keep you obligated to stay in your home or could make your home harder to sell.
Another important cost to consider for solar energy is the annual upkeep and maintenance costs that are associated with them. Solar panels often require a decent amount of maintenance and an annual inspection. The annual inspection will typically cost about one hundred fifty dollars to two hundred dollars each year. If you want to hire a professional to clean your solar panels annually you will also be looking at a fee of about twenty dollars per panel. While cleaning may not seem important, it is actually essential to increase the efficiency of the panel and to help you save more money.
If you notice any issues that arise with the functioning of the solar panels, it will be your responsibility to fix them. You will be forced to pay out of pocket for a professional to come out and look at the solar panels and the battery system if an issue arises. Depending on what the problem is, this could cost you a lot of extra money that you may not want to spend.
Solar panels are a great option for most homes, however, it is important that all homeowners understand the hidden costs associated with investing in solar energy. These six hidden costs of solar energy are important to budget for when considering taking on this change. Solar energy has amazing financial and environmental benefits, but unpredictable costs can arise. It is important to weigh all of your options and be fully prepared to take on all the financial responsibilities. Understanding these hidden costs can help you make the best decision for you and your family.