Solar panels might sound like a good idea for your home, but there are three reasons why they may not be as good of an investment as you think.
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If you’re thinking of installing solar panels on your home, they might not be as good of an investment as you think, and there are three reasons why.
First, the initial cost for materials and installation is high and it takes a long time to get a return on your investment. Depending on the system you install, it may not pay for itself until three to seven years after the initial investment. That’s why, if you plan on moving in the next few years, it may not make sense to install solar power.
Second, solar panels might not increase your home’s value as much as you think. A lot of people assume solar power systems add tens of thousands of dollars to their home’s value, but it’d be difficult to claim your house has increased in value as much as the purchase price of the system. Why? When selling your home, your property still has to meet an appraised value, and this value depends on the comparable homes in your area.
Lastly, these systems pose many challenges if you want to take them with you when you move. You may be able to find a professional who can remove the panels for you and install them somewhere else, but the next property may not be suitable for solar panels or require a different system configuration altogether.
If you’re considering installing a solar panel system on your home and you’d like to know what its value is before making that decision, please let us know. We’d be happy to provide that information for you.
If you have any other real estate questions for us, feel free to reach out to us as well. We’d love to speak with you.