Solar Power For The Home
Posted on Dec 23, 2007 - 03:03 PM
By: Adam Beazley
Solar energy is getting allot of press these days and for good reason. The fact is the earth receives more energy from the sun in just one hour than the world uses in a whole year. So, an endless supply of energy is there, we just have to “tap in” to it. There are many different ways that you can “tap in” to the sun’s energy to fuel your home, most of which are very effective.
One of the most common and popular methods is photovoltaic or solar panels. In order to get the most from solar energy and make it cost effective, you need to drastically reduce your wasted electricity first. Solar power is not the end all solution so you can continue to live a wasteful lifestyle. In fact, if you don’t start by cutting down your energy use you will end up having to spend tens of thousands of dollar more on solar panels, then you would if your house was more energy efficient. If you use the methods in the Home efficiency section, you can drastically cut down your monthly energy usage enough to make buying a solar panel system very cost effective.
There are a couple of options when it comes to solar power solutions; you can buy or you can rent. Of course both have their positive and negative attributes and I’ll spend a little time going over each.
Buying a Solar Panel System:
Buying a solar panel system is definitely the best way to go simply because not only do you get the energy you need, but you will also increase the value of your home. Unlike renting, you own the solar panels and when these solar panels are installed on your home, they will increase the value of your home. Not only will the panels increase the resale value, but if you have your home reappraised, the added value will allow you to acquire more equity in your home. Not only that, but in some cases you can even prematurely stop your mandatory Mortgage Payment Protection Insurance, this alone can save you hundreds of dollars every month.
There are a few drawbacks to buying a solar power system, the biggest of which is price. The average solar installation will run you around $40,000 depending on size and energy requirements, which is no small amount. Home owners may take out low interest home equity loans to help pay for the system, however some home owners will not have enough equity in their home to get a loan. If this is the case there are low interest, non secured loans which can be used to acquire a solar power system for your home. There are also energy efficient mortgages available, where one can get about 15% more money when they re-finance their home, to do energy efficient renovations to their home. Most people can also take advantage of all of the tax breaks, state buyback programs and incentives to make their solar panel purchase a good bit cheaper.
Another drawback of buying, is that you are responsible for maintenance, repairs and installation. Even so, in my opinion the benefits of buying a solar system highly outweigh the drawbacks, so owning a solar system is definitely the way to go. For more information, check out our “Solar Calculator” and then go to our solar products page to see our available solar panels and grid tie systems.
Renting a Solar Panel System:
So why would you even consider renting?
Well, for some people, buying is simply not an option. A typical solar panel installation will run on average about $40,000. For a person without equity in their home, and who does not have a huge savings account or good credit, this option is simply unrealistic. So, for this type of situation, renting is the perfect solution. By renting, you eliminate the equipment & installation cost, the maintenance fees, the permit hassles and with this company, you are able to lock in your current electricity rates for up to 25 years.
Now the drawbacks of renting a solar panel system is that you do not own the system and therefore your homes value will not increase nor will your equity increase. You will also have to add the solar panels to your home owners issuance so they will be covered in case of disasters, which could increase your rates a little bit. In my opinion renting is an excellent option as you will lock in your current energy rates thereby stopping the constant inflation rates that we have been seeing all across the U.S.
If you would like more information about renting a solar power system for your home, check out this site and see if you are eligible.
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Show/Hide Comments (12)
By alternative energy forum on 07/04/2008
People should start doing this it will help save the planet and save them money at the same time
By Val Unterkunft on 12/20/2008
I love solar powered stuff. I have solar powered heater in my bathroom, solar powered spotlight on my front gate, and solar powered garden lights on my garden pathway. When I transferred to a new home, my family and friends gave me mostly solar powered things. My mom gave me a mini zen fountain and it is also solar powered!
By Fencing contractors on 02/26/2009
I wish to build a solar panel for domestic i.e. in the absence of electricity the same can be used to run fan, tv, computer if not A/c and refrigerator. How to do the same and what will be the cost involved?
By Mike R. on 03/02/2009
I hope to add solar panels to my house within the next 3 years, and this guide has been helpful. I cannot nearly afford the $40,000 to buy the panels, therefore leasing them has been on my mind for the past few months. Now I just need to find a good energy consultant in San Francisco…any ideas?
—
Mike R.
San Francisco bankruptcy lawyer
By Adam Beazley on 03/05/2009
Hey Mike,
Keep in mind there are ALOT of tax credits available for solar right now. I know that here in Louisiana, we have a refundable tax credit of 50% and with the 30% rollover federal tax credit, I can get a $40,000 solar system for $8,000 out of pocket.
By Slide Gate Operators on 05/08/2009
Hi,
Nice article…..Solar system is essential for every one and its useful also….
By Wilmington roofer on 08/19/2009
Interesting facts on solar energy, I know we have great perspectives and great energy resources, we do have to find ways to “tap in”. In my opinion solar panels are just a rudimentary form of collecting solar energy comparing to the technologies that will come next. I just hope I’ll reach the day we will all enjoy energy without harming the environment and without emptying our pockets.
By mortgage advisor on 09/03/2009
The commitment for clean power is an effective financial tactic. Solar electrical arrangements are quite expandable and present a decent investments for the family or business owner. This electrical installation can deliver affordable electrical energy and power for a few years, perhaps decades to come.
By building a solar panel on 09/06/2009
You can build your own panels for about $200 (as little as $27 if you if you join broken panels together). and if you can install yourself (it’s not hard) you can save thousands.
You use solar to power most of your house ( saving hundreds on power bill) or ” Go Green” and use solar to power you whole house.
You would need basic household tools (hammers, saw, nails etc).
How long would it take? would depend how many panels and time (usaully 1-4 weeks)
You can go to Ebay and get the items you need (cheap).
By Online Tax Preparation on 12/30/2009
You will also have to add the solar panels to your home owners issuance so they will be covered in case of disasters, which could increase your rates a little bit. In my opinion renting is an excellent option as you will lock in your current energy rates thereby stopping the constant inflation rates that we have been seeing all across the U.S.
Online Tax Preparation
By Solar lights on 04/22/2010
The harbor freight type system is intended to charge a battery, and is low power. It’s good for experimenting, but is not very efficient, and not very powerful. I’ve seen an experimenter say that their 15-watt panel only gave him 5 watts in bright sunlight. If it’s the amorphous silicon thin film type of panel, it wears out quickly, dropping to a fraction of its original output in a few years.
By Scott Markham on 10/21/2010
Solar panels and wind powered generators are indeed very helpful to us. This is a good solution to the continuous increase of energy price in the market. It give life long benefits and very environmental friendly. I have developed a keen interest in this entire area. I find it very interesting how many people are so passionate about alternative and green energy sources.
I have recently posted my thoughts about this here: buy solar panels
Thanks,
Scott
