We are always researching ways to make our homes more high performing. We have been excited about the advancements in Solar even in MN with our cold winters. It is great to see this industry growing. Thanks to Courtni with Mondernize.com for writing this guest blog. Enjoy!
By Courtni Wisenbaker-Scheel, a guest blogger from www.modernize.com
In 2004, fewer than 15,500 homes had a solar array installed, but with a major shift in public perception and a massive drop in price, that number has more than 1,000,000 as of last year. Clearly, those homeowners see solar as a worthwhile investment, but how quickly can someone anticipate that expenditure to pay off? We at Home Improvement Leads know it may be faster than you think!
Instantaneous Pay Offs:
Rising electricity costs are typically what lead most homeowners to consider powering their homes with solar panels. Some analysts even think that energy prices are likely to double over the next 20 years! By making your home solar powered, you will immediately halt any skyrocketing prices from ever impacting your monthly budget. Best of all, when your home is connected to the power grid, you have the potential to even make money by selling back any unused electricity your home’s system may generate over the years.
A person’s home is usually their biggest investment. That’s why it’s important to consider how any addition will impact its property value. Studies have definitively concluded that photovoltaics are a wise to decision for homeowners to make regardless of location since they tend to increase a home’s worth by 3 to 4 percent.
Incentives and Rebates
With the last-minute extension of the federal Solar Investment Tax Credit, investing homeowners will receive a 30 percent tax rebate on the total cost of their system. Similarly, Minnesota has worked to entice their residents to use solar power by passing legislation that made sales of all solar panels and increases to a home’s property value tax exempt.
Extended Pay Offs:
Some savings related to having solar panels come in surprising ways. When installed correctly and maintained appropriately, photovoltaics protect your roof from the elements, in many instances extending the life of roofing materials by several years. They also act as an added layer of insulation, helping to reduce heating costs during cold months and making your home far more energy efficient.
The average 5 kilowatt residential photovoltaic system costs around $19,000, but with the inclusion of these incentives and rebates, the overall expense ends up being closer to $12,000. This huge reduction in cost means that most Minnesota homeowners can expect to have their entire system paid off in only 11 years. Since residential solar systems usually still operate at peak performance for well over 25 years, all these savings certainly add up! In fact, once your system has been paid off, you are likely to save well over $1,000 a year, conservatively making your total profits close to $10,000.
Whether the savings are immediate or take a little longer to experience, solar makes the payoff well worth the investment.
Samantha Grose is both Associate AIA and Allied ASID. She is the lead designer for Optima Homes and JP&CO. She takes a unique approach to design creating spaces that are casually sophisticated and timeless in design, where you and your family can live comfortably. She has worked extensively throughout the TWIN CITIES area having completed many new homes and large scale whole house remodels.
Samantha received her BS from the University of Minnesota majoring in both ARCHITECTURE and ART. She is deeply committed to a creative approach giving you highly functional spaces with an aesthetic appeal for everyday living.