The Best Reasons to Go Solar #3: Building Your Equity
Here is another of the best reasons to go solar. You can go solar to build equity. When you buy solar panels, you’re not throwing money down the drain. You are buying an asset. You’re buying something that has real value. Here’s how.
Is it better to buy or rent a home? There’s plenty of debate about that. It certainly depends on the season of your life, your financial circumstances, market conditions, etc. One thing is for sure though. Money that you spend on rent is money that you’ll never see again. If you buy a home, you can know that it is pretty likely your home value will go up. You will gradually build some equity. Generally speaking, you are likely to see profit in the sale of your house at some point in your lifetime.
So it goes with electricity. Is it better to produce it yourself or just buy it from someone else? Money that you pay to an electrical company is money that you’ll never see again. It’s burned up and dissipated like the heat coming out of your oven and your light bulbs. Electricity prices are going to keep going up, but solar panels are going to keep getting cheaper. Solar installations are a large initial investment, but they are not money down the drain. The equipment is yours for as long as you keep the home. Generally speaking, money that you spend on your home is money that you get to enjoy. It’s also money that you get to keep when it is time to sell.
A U.S department of energy
survey recently showed that homebuyers are willing to pay an average of $15,000 more for a home with solar panels. Houses like these sell faster too. So if you spend $15,000 on the average sized 5kW system, you could be seeing a dollar for dollar increase in your home’s value. Consult with a real estate pro or one of our experts to see if you can go solar to build equity in your neighborhood.
Whatever financing strategy you decide to use: cash, a rehab loan, a home equity line, or our special HERO financing, you’ll have an opportunity to increase your home’s value. You will enjoy your energy savings for the life of your mortgage. This will also help your home sell faster, which will maximize your profit.
You don’t need to be a millionaire to go solar. All we ask for is a $1,000 deposit to get started. Our experts will help you find the right lender so you can have the money you need to get a system.
In one respect, solar panels are quite expensive. In another respect, they cost nothing. Fill out the information on the right to see if you can go solar to build equity.