You’ve probably heard that solar power saves you money and helps the environment. But does it pay off for your wallet?
If you’re planning on living in your home for many more years, solar power might be a great option. But if you plan to sell your home sooner, maybe not.
Pros and cons of selling a solar-powered home
Some buyers are turned off by solar power. And, though the systems can cost $20,000+, they don’t add much to the home’s assessed value. Sellers might even have to pay off the lease, potentially costing $15,000+. If the unit is leased, the new buyers will have to qualify to lease it, too. Are the panels removed when the lease is up? What about roof damage?
Questions to ask yourself
To help you decide whether to “go solar” or not, ask yourself:
* Are you planning to sell your home in the near future?
* If you buy the system, how long will it take to pay it off and see savings? This could take 10+ years.
* If you lease the system, what if you sell your home?
* How does the power company meter the system? Are rates guaranteed?
Whatever you decide, you’ll be glad you took the time to consider all sides of the issue.