Recently, solar technology’s popularity has made both individual consumers and big Arizona establishments decide to add solar power to their homes and business facilities.
Are you unsure whether to buy a solar home or install solar panels? First, you must consider ownership costs, property value, and maintenance commitment in the long run. These are crucial factors that should significantly influence your decisions.
This article dives deeper into what you need to know about installing solar panels and buying a solar house, helping you make a better-informed decision.
Let’s get right in!
First, Should You Buy a Solar Home?
Buying a house with solar panels is wise; so far, the panels owned are not leased. Apart from helping you save on your utility bill, purchasing a home with solar panels will also enhance your home’s worth and make it more attractive for resale in the long run.
To help decide whether purchasing a solar home is worthwhile, below are the pros and cons of buying a house with solar.
Pros Of Buying a Solar Home
- Low Upfront Cost: When you buy a house with already installed solar, you don’t have to deal with the high upfront cost compared to when you’re just purchasing the solar panels at first.
- Generate Your Sustainable Energy: Procuring a home with installed solar panels allows you to produce sustainable energy. As a result, you become reliant on a utility corporation and decrease your dependence on fossil fuels. Since Arizona is not a major oil and gas-producing state, the state heavily depends on fossil fuels. Hence, if you buy a home with solar panels, you are sure to make your sustainable energy which leaves no carbon emission or noise pollution in the environment.
- Constant Electricity: With good batteries inserted into the installation, you can enjoy consistent electricity, which any other utility company cannot offer.
Cons Of Buying a Solar Home
- Replacement Cost: In contrast, if the solar panels are less than 5 years old, you will most possibly replace them soon. In such situations, purchasing them with the home might not be a beneficial investment, as they will only augment your cost of living.
- The Homeowners Do Not Own the Panels: Things get a little more complex if the panels are let. When a solar system is rented or leased, it implies that the present homeowners are still paying them off according to the loan scheme they agreed to. After selling the home, those responsibilities might transfer to you.
Should I Install Solar Panels?
You should consider installing solar panels if you’re looking for a means to save on energy costs in the long run. Although the cost of installing may be somewhat high, the long-term cost benefits are compensating. More importantly, installing solar panels on your house is environmentally responsible.
Using solar energy will lessen your electrical energy bills and offer you tax incentives. Also, solar panels are suitable investments as they add value to your home and are excluded from property taxes.
Pros Of Installing Solar Panels
- Reduced Electricity Bills: Using solar energy rather than traditional energy sources can help in financial investments, depending on your region, home size, and electricity usage. Compared to paying electricity bills, paying off a solar panel system gets a return on investment. Also, solar energy can be restored to the grid, so you can earn while you save.
- Financial Backing from The Government: State and federal tax advantages are available when you install solar panels in your house. Taxpayers could claim 30% of installation prices, with benefits varying by state. In some instances, getting a solar home installation may be possible without financial costs. This may take some time to find, but it is possible.
Cons Of Installing Solar Panel
- High Initial Cost: While a reduced utility bill is a plus, initial costs for the solar panels and installation could be above $20,000. They’ll require a transformer if you have direct-current equipment from alternating-current sources. However, these transformers have high operating costs; the cost is higher with an A.C. source than a D.C. solar panel.
- Inability To Move With You: Practically, once a solar power system is installed in a home or business facility, its transportation is almost impossible. Theoretically, it is possible to move P.V. solar system if you move into a new residence, but it’s not often advisable. The solar system would have to be dismantled and retrofitted to your new home, which would possibly cause significant damage to both your roof and your panels.
Should You Buy a Solar Home or Install Solar Panels?
After considering buying a solar home or installing a solar panel, the pros of both significantly outweigh their cons.
By buying a house with solar panels in Arizona, there’s no need to pay the considerable upfront prices of the panels or the installation, and you don’t have to pay a monthly payment to a third party, which is the scenario when leasing or letting solar panels. When you have the panels on the home entirely, you save on electricity bills without other monthly expenses.
Having said that, the solar panels will likely necessitate the buyer to pay more for the home because, as I mentioned earlier, solar panels usually improve home acquisition value.
Additionally, purchasing a solar home is worthwhile if you are looking for a good investment in Arizona. Presently, homes with solar panels are viable in the market. They are considered an asset that can be sold for a much higher rate than was bought at a much earlier rate.
This instance is the simplest and most desirable one. The house sellers have already paid for the panels and want to sell them together with the house. Therefore, no loans or debts are attached to the solar system.
Furthermore, you are unlikely to have any issues getting a mortgage in this situation as a buyer. The applications are typically handled quite speedily. But ensure the mortgage suits your financial needs and the home you desire to buy.
Overall, the significant factors you should ask about in this scenario are the panels’ installation year and present condition. If they aren’t over 5 years old, buying a home with an installed solar is a smart idea. They will serve you for a minimum of another 10 years and considerably reduce your utility bills.