The Financial Benefits to Going Solar
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A study funded by the Department of Energy concluded that solar is a real opportunity for anyone looking to take greater control over their monthly utility bills and make a long-term, relatively low-risk investment.
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Going Solar Saves You Money
Homeowners have experienced a significant price increase in electricity in the last 30 years, with over 35% increase in the last decade alone. When looking back at the historical energy usage data collected over the past 50 years it seems that Homeowners who remain completely dependent on the grid for their electricity will end up paying more and more for each coming year.
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As fossil fuels become scarce, utility rates increase. From 2003 to 2013, the price of residential electricity has increased nearly 50%! Don't just take our word for it! Check out the chart below, created by the US Energy Information Administration, showing rise in US residential energy prices since 2003. Residential solar is your pathway to energy independence.
By “Making the Shift” now to clean, renewable energy you are likely to see savings on your electric bill right away. Solar modules are like mini power plants on your rooftop. They generate electricity that can be used to power your home and drastically offset the amount of power you need to buy from your electricity provider. In addition, depending on a few factors (Location of your home, System Design & Size, and Homeowner Energy Usage) your mini rooftop solar power plant may generate a surplus of electricity that can be sold back to your utility company for others to use – providing you with even more potential savings on your electric bill. Some solar homeowners are even seeing their utility bills drop down to $0!
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Going Solar can Increase the Value
of Your Home & Property
When selling your home, a solar electric system can be attractive to prospective home buyers. It has been shown that having a residential solar electric systems installed on your rooftop can increase the value of your home, at the same time reducing the amount of time your home stays on the market.
In 2013, a study from Lawrence Berkeley National Laboratory (LBNL) indicated that a medium sized residential solar electric system can increase the value of your home by more than $20,000. LBNL also examined sales data from 2000 to 2009 for 1,894 California homes with solar and 70,425 non-solar California homes that were comparable and reported an estimated increase in home value of $5,911 per kilowatt of rooftop solar installed.
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“Our analysis offers clear support that a premium exists in the marketplace, thus PV systems
have value and their contribution to home values must be assessed”
- LBNL Exploring California PV homes Premiums Report
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Another study sponsored by the U.S. Department of Housing and Urban Development found that home values can increase on average by $20 for every dollar saved on your annual utility bills from your solar installation. For example, if a residential solar electric system offsets your monthly utility bill by $100 per month you could potentially increase your home’s value up to $24,000!
Exact numbers vary depending on a number of factors such as the location of your home, the system size, and the current value of your home. Each home, solar design and installation is unique and should be considered on a case by case basis when calculating the potential value increase of your home when installing solar.
Source: Berkeley National Laboratory
Lawrence Berkeley National Laboratory - Exploring California PV homes Premiums Report
By installing solar on your home you are making your home more attractive to prospective home buyers. A home with solar already installed has shown to increase home buyer’s interest... These days home buyers are smart and they want smart homes! According to the U.S. Department of Energy, homes with rooftop solar can sell at up to twice the rate of their conventional counterparts.
A National Renewable Energy Laboratory (NREL) study found that solar homes sold 20% faster and for 17% more than the comparable non-solar homes, in several areas of California.