Home Solar Puts More Money in NY Pocket
Most people install home solar panels in order to reduce their energy costs, protect themselves against rate fluctuations, and have their own access to renewable energy. But more and more homeowners are realizing that going solar has some significant long-term investment benefits, too. According to a study funded by the Department of Energy’s (DOE) Sunshot Initiative, homebuyers are becoming more willing to pay a premium for houses that have solar panel installations. How much of a premium? How about $15,000 for a home with a solar photovoltaic (PV) system!
But, increasing your home’s value isn’t the only financial benefit from installing solar.
What other benefits are there?
It turns out that that the PV system you have installed might also be a better investment than the stock market regardless of whether or not the system is owned or leased! According to another study through Sunshot, in over 90% of the 50 largest cities in America, a dollar spent on a solar panel installation will yield a better return than a dollar invested in the S&P 500, the stock index of the top 500 American companies.
New Yorkers should be proud because according to that same study, we ranked #1 overall for both first-year cost savings and the value of a solar investment over a 25-year period compared to the S&P 500 index over a similar time frame.
And here’s something else we found in the study: the cost of a solar PV system declined over 60% from 1998 to 2013. With lower costs, and a return that beats the stock market, why would you put your hard-earned money anywhere else?
Going solar makes a lot of economic sense for many different reasons.
- State and federal tax credits are still in effect
- The cost of a solar installation has declined dramatically
- There are multiple financing options available
- You can start saving on energy costs from day one
If you add increased home value and potential investment returns, the only question is: what’s stopping you?