With so much information floating around the net on solar installation, it is often hard to differentiate fact from fiction. Here are a few frequently asked questions.
Why should I install a PV solar system? There are many environmental reasons to go solar and reduce your carbon footprint. But it is also a great financial decision. It is believed that most photovoltaic (PV) solar systems yield 15-30% per year Return on Investment (ROI), tax-free.Not only that, but electricity rates have gone up an average of 5.4% per year for the last 39 years. This rate is likely to continue to increase over the next decade.
Can a PV system actually pay for itself? Yes! Between state and federal tax incentives, you can save about 35-50% of your total installed system cost. When this is combined with Time of Use (TOU) metering, PV systems are extremely attractive from a financial standpoint. If you use a home equity line of credit to pay for your system, you may see an immediate financial benefit (that is, the cost you pay on the loan per month will be less than the amount you save in energy).
Will PV system increase the value of my house? According to The Appraisal Journal, $20 of value is added to your house for every $1 that you reduce your annual utility bills.
Will my property taxes go up? This varies state by state. Many of the states which offer tax incentives (California, Colorado, Hawai'i, more) have laws that block increases in property taxes due to solar installation.
What is the life expectancy of my PV system? Most manufacturers warranty the solar panels for 20-25 years.
How can I track how much energy my system is producing? Many installers will use easy-to-read meters which will allow you to see how much energy you are producing in any given moment. Others will connect you solar system to a computer system which will allow you to see how much energy each individual panel is producing at any given moment, as well as track production over time.