Written by: Contributor | Best Company Editorial Team
Last Updated: April 13th, 2020
Because of the initial cost involved, many homeowners are apprehensive about whether they can afford to purchase and install solar panels. However, investing in solar panels increases the value of a home and reduces energy expenses in the following five ways:
1. Energy efficient homes that are also aesthetic attract more buyers - Solar panels are designed to capture unlimited sunlight to create power for a living space. Depending on the region and the location, homes that have been installed with solar panels can produce more energy, thus maximizing the amount of energy that a home buyer can save. According to the Office of Energy Efficiency & Renewable Energy, homeowners who have decided to sell their homes with solar panels are predicted to close a deal in half the time as homeowners trying to sell their house without solar panels. This can reduce certain real estate expenses such as maintenance, marketing and real estate agent costs during the selling process for the homeowner. Additionally, home buyers value solar panels that discreetly blend in with a home's exterior, which can increase its resale value even more.
2. They provide independence from the main power grid - Solar panels can be placed at virtually any location, from a rooftop in the inner city, the beach, mountains or remote woodlands. As long as there is a decent amount of daily sunlight, solar panels can provide sufficient energy to power small appliances.
3. Solar panels are eco-friendly - One of the biggest advantages of installing contemporary solar panel models (which have increased efficiency, up to 21 percent) is that they continue to produce renewable electricity; this can even be done on downcast days in small amounts. Unlike with generators, solar panels do not produce noise or harmful gases with their use. Also, solar panels can reduce the amount of carbon emissions produced by coal-derived electricity still required by homeowners, which in turn can significantly reduce air pollution.
4. Complete solar panel systems pay for themselves - This is especially the case when solar panels produce excess electricity and the homeowner has the option to sell this surplus energy back to their local utility provider. Heating bills can be reduced by homeowners using solar panels to provide power to a heating system, and/or to provide electricity just for appliances or lighting.
5. Homeowners can negotiate a lower rate - Using solar panels as an alternate power source may help homeowners qualify for lower energy rates with their local electric company. Homeowners can cut their energy bills even further by using solar energy during peak periods and conventional energy during off-peak hours.
The Future of Solar Panels
As the world shifts to alternative sources to produce power, solar panels are becoming an increasingly popular option for homeowners and home buyers who want to receive unlimited supply of renewable energy for heating and powering a home. Although their short term investment is costly, they offer increased energy savings and property value long term.