When you make improvements to your home, it’s smart to take into consideration how they will impact your home’s value. The conventional wisdom from HGTV and home improvement magazines is that updating your kitchen, renovating your bathroom, or building an addition are the smartest ways to increase the value of your property. But there’s another home improvement that you may not realize adds to your property’s value: installing a solar energy system on your roof.
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This is Part 2 of a two-part series that explores the economics of going completely off-grid with solar. Part 1 focuses on what it actually means to go “off-grid” and how to start thinking about calculating the costs for cutting the cord with your utility. Part 2 discusses two real-world examples of sizing an off-grid solar energy system, along with the feasibility of going through with an off-grid solution. Check out Part 1 here.
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Establishing a secure financial future for your retirement requires that you explore a variety of options, but most homeowners don’t realize that installing a solar panel system can be one of the smartest retirement investment options available. By viewing a home solar panel system as an investment opportunity, homeowners can reduce or even eliminate their electricity bills, freeing up more than $1,000 in cash each year. With the increased availability of $0-down solar loans, homeowners that lack the cash required for an upfront purchase can still take advantage of solar as a retirement investment strategy.
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An improperly sized solar panel system (or any power system) compromises your home’s efficiency, which can result in unnecessary energy consumption, higher utility bills, or even power outages. Understanding your home’s power requirements helps you to take full advantage of things like your solar system, HVAC, or portable generator. In this article, we break down the typical energy use of different electrical appliances to help you determine the number of watts your whole house might require.
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The financial benefits of going solar are clear: solar panel systems function as investments with strong rates of return, and homeowners generating solar electricity can avoid paying increased utility rates by eliminating their electricity bills. Multiple studies show that installing a home solar system can even increase your property’s value! If you’re reviewing multiple quotes, there are plenty of metrics that can help you make a decision about which solar option is best for you, but most solar shoppers rely on one metric in particular: the solar panel payback period or break-even point.
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Across the country, utilities are beginning to introduce innovative rate structures for residential energy consumers. These rate structures–from time-of-use rates to demand charges to real-time-pricing–all have a common goal: to incentivize customers to consume energy during times when the cost of generating electricity is cheap, and to disincentive energy consumption when the cost of generating electricity is high. As a result, understanding the ins and outs of a time-of-use rate can help you reduce your monthly cost of energy.
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If you’re considering whether going solar is a worthwhile financial move for your home, there are essentially two factors that you should look at: 1) the costs associated with solar power, and 2) the rates you pay for electricity from your utility. Going solar makes economic sense when solar electricity costs less than grid electricity.
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Your refrigerator is one of the larger household appliances, and it’s always on! On average, a refrigerator uses 300 to 800 watts of electricity, or between 3 and 6 amps and about 120 volts. If you’re looking to cut down on your electrical bill or estimate how many solar panels you need to keep your home up and running, understanding how many watts of electricity a refrigerator uses is one important piece of the puzzle.
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The cost to install solar has dropped by more than 70 percent in the last decade. Yet many people still believe that solar is only a luxury item for green-minded consumers, rather than a smart long-term cost-saving investment. Why is this? A big reason is the lack of easily accessible information about how solar can save you money. Like EnergySage, Google’s Project Sunroof is looking to fix this using smart technology that makes solar information available and easy to understand.
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For most people, solar panels are worth the investment, but they may not be right for you in some rare circumstances. However, even renters may have solar options if their property owners or managers are open to it – and if not, they might be able to sign up for community solar projects near them. In this article, we’ll help you answer the question: “Is it worth it to buy solar panels?”
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