The costs involved with owning a home can sometimes seem never-ending. With appliances reaching their end of life and regular wear and tear on materials both inside and outside your home, it’s sometimes difficult to prioritize where to invest your money. When it comes to items that affect your resale value, kitchens, bathrooms, and items which affect your curb appeal are often brought up as delivering some of the highest returns on your investment. But solar is another item which deserves to be high up on that list for a number of important reasons.
Return on investment and increased property value
Solar panels typically have a lifespan of 30 years or more—offering ample time to provide a strong return on investment. The energy savings generated by solar panels often outweigh the upfront installation costs, resulting in significant financial returns over time.
Homes with solar panel installations also tend to have higher property values. Solar energy is an attractive feature for potential buyers and homes with solar panels typically sell faster and at a premium compared to those without.
Energy savings and protection against energy cost fluctuations
Installing solar panels allows you to generate your own electricity, reducing or even eliminating your reliance on traditional utility power. By harnessing the sun’s energy, you can significantly lower or potentially eliminate your monthly electricity bills, leading to substantial long-term cost savings.
Traditional electricity rates are also subject to fluctuations and typically increase over time (an average of 2.9% per year since 1960). By investing in solar, you can hedge against rising energy costs and gain more control over your energy expenses. Solar panels provide a stable and predictable source of energy, reducing your vulnerability to future rate hikes—essentially helping you make your home recession-proof.
Environmental benefits, energy independence, and resiliency
Solar energy is a clean, renewable source of power that produces no greenhouse gas emissions during operation. By installing solar panels, you can significantly reduce your carbon footprint and contribute to mitigating climate change.
Solar panels provide a degree of energy independence, as you generate your own power on-site. This can be particularly valuable during power outages or emergencies when traditional grid power may be disrupted. By having a solar energy system with battery storage, you can maintain access to electricity and enjoy greater resilience.
An investment in solar is an investment in your local economy. It creates jobs in the solar industry, supports local solar installers and contractors, and stimulates economic activity through cost savings that can be reinvested locally. By going solar, you contribute to the local economy while also enjoying the personal advantages of renewable energy.
So while updating your kitchen or bathroom could seem like a more appealing use of your money, solar can deliver many compelling returns on your investment as well.
