The title might sound a little outlandish, but it’s not. Right now you are probably spending $100-$200 a month on your electricity bill. You’ve probably noticed that it has been slowly increasing throughout the years. This is a bill that we usually pay without question. But what if I told you that you could eliminate this bill, and add tens of thousands of dollars to the value of your house simultaneously.
The Price of Solar has Gone Down
The price of solar has decreased dramatically over the past 10 years. It has decreased to the point where it has become an excellent investment for homeowners. In my article The 7 Advantages of Solar Energy, I mention how the current average return on investment is 6 to 9 years. But what is not usually taken into consideration is the immediate increase in property value that occurs following installation. Typically, the full cost of the solar system will be added to your property value as an improvement. This mean that you are essentially taking money from one pocket and putting it into the other.
You Don’t Need to Pay all Cash
Even if you were to finance your solar system, you’d still be making a great investment. Utility companies are constantly raising their prices an average of 4% a year. When you attain financing, you can lock in a payment that’s similar to your current bill. Now, you won’t be victim to your utility company when they raise prices. After installation, your home just went up considerably in value, and as you make payments on your solar system, the money is just going right back into your home’s equity.
We Should Take Advantage
As a homeowner/investor, you are constantly trying to add value to your home. Solar adds tons of value to your home, while all of the savings you receive pays the tab. Invest in solar before purchasing an investment property, or remodeling your kitchen. After your appraiser announces your increased home value, you’ll be happy that you did.