Are you among the millions of homeowners who seriously consider installing solar roof panels? If so, the decision can be tricky because there are a lot of variables involved. For instance, some homes just aren’t constructed for the purpose. The good news is that most are, and no matter where you live, adding this new technology to your rooftop can mean significant savings on utility bills. Here’s a close-up look at the key pros and cons of installing a solar power energy array to your home’s roof.
Ask anyone who has panels on their roof, and they’ll invariably tell you that the main benefit from embracing eco-friendliness is lower electricity costs. If you live in a region where utilities regularly up prices, and do so with very little advance warning, you already understand the power of having access to low-cost energy. Plus, depending where you live, it’s often possible to sell back any excess electricity you produce to the local utility. That way, you’re not only eliminating an entire electric bill but getting cash, or utility credits, in return for the electricity you sell to the utility company.
Making a significant investment in your home means up-front expenses that might be higher than expected. Some homeowners choose to sell their life insurance policies when seeking to help with bills and expenses associated with major improvements. Selling a life insurance policy for cash is a relatively simple and quick process. The best way to get started is by reviewing a basic online guide about how to get an immediate cash payout by selling your policy. Note that homeowners can use the proceeds from the sale for anything they wish, including adding a solar array to their roofs.
The downside of solar, for many homeowners who consider it, is that initial costs can be very high. While it usually takes about eight years for systems to pay for themselves, you’re still out a major chunk of money when you buy the panels for your roof. That’s why some people opt to lease the systems rather than purchase them outright. But with leasing, there’s usually a longer payoff period and less excess energy to sell each month. Buying is the far better option, but not everyone can afford it.
Con: Some Roofs Are Not Suitable
If you live in an older structure, or one that has either a slate-based or thatch-type roof, it can be very difficult to fit it with panels. Likewise, if you live in a place where there is not abundant direct sunlight, or if your house in shaded by large trees or nearby buildings, it might not be worthwhile to purchase a sun-based energy system.
Pro: Higher Resale Value
People shopping for homes often seek out those that are equipped with either rooftop or ground-based solar panels. It’s a win-win for buyers because they don’t have to pay the up-front costs or deal with installation headaches. For sellers, the deal is a way to recoup some or all of the initial installation expense. In today’s real estate market, sellers can get higher prices if their houses are equipped with professionally installed solar energy panels.