Many people are interested in adding a solar power system to their home, but are unsure of the costs and whether it would be beneficial for them. At Star Solar Specialists, we always start with a free, zero obligation estimate based on your current solar potential and energy use. We will work with you to determine the system that is best for you and how to meet your solar energy goals. Here are the answers to the most common questions we get regarding the cost and savings of a solar power system.
HOW MUCH WILL A STAR SOLAR SPECIALISTS SYSTEM COST FOR MY HOME?
The cost of a solar energy system depends on several factors including:
current energy usage
how much energy you want to offset
available unshaded roof space
the size of your installation
the location of your property
available solar energy incentives
your utility’s net metering policy and other factors
WILL A SOLAR ENERGY SYSTEM INCREASE MY PROPERTY TAXES?
In most areas, a solar energy system will add value to your home with no increase to your property tax. In Indiana the value added by installing solar is exempt from property tax and in Kentucky the increase only applies when you sell the home.
BY HOW MUCH DOES A SOLAR ENERGY SYSTEM INCREASE A PROPERTY’S VALUE?
Solar-powered homes appreciated 17%, and sold 20% faster on average than non-solar homes, according to a recent study by the National Renewable Energy Laboratory (NREL). In fact, a study in California estimated that purchasing a solar energy system could increase the resale value of your home by more than $5,000 per kilowatt added. The average residential system size is 3.1 kilowatt. Returns will vary based on where you live and the size of your installation.
HOW MUCH WILL I SAVE WITH A SOLAR ENERGY SYSTEM?
Energy use and the size of your solar energy system will determine your savings amount. With little or no start-up costs, systems start paying for themselves immediately and increase each year as the cost of electricity rises. A typical return on investment is about 15-20%.
HOW MUCH LOWER WILL MY ELECTRICITY BILLS BE?
With a large enough system, it’s possible to greatly reduce or lower your monthly energy bills down to $0. In fact, many homeowners actually receive “negative” electricity bills by taking advantage of various solar incentives. Their solar panels don’t simply offer electricity savings – they actually generate passive income day after day. Results will vary season to season – your system will typically generate more energy in the summer than the winter.