If you live in a Holly Springs subdivision, you have probably had a knock at your door, at one time or another, from a “pesky” solicitor trying to sell you on the pros of installing solar panels on your home. Solar panels are devices that convert light into electricity; they are usually installed on your roof, so they are ready to absorb the sun’s rays. The most significant attraction to these panels is that once the capital cost of installation is paid off, the energy is free! However, they are pricey, but there is a tax benefit associated with solar panels, and local incentives to help make them affordable. Plus, they last for 25-30 years with no maintenance involved. Below are estimates from solar-estimates.org:
Average cost of solar panels for homes in North Carolina is $2.94 per watt as of July, 2019. This means that for a 5 kW residential solar system, the cost is $14,700 before solar incentives and $10,290 after claiming back the solar tax credit. The average monthly payment is $89. In some cases solar payback can be as short as 5-8 years, leaving you with 20 years or more of free power.
There are a lot of homeowners that have some doubts on these new energy efficient products. Here are some of the cons that have been discussed.
- If you don’t pay for the solar panels outright, then when you try to sell the home, the new owners will have to assume the payments.
- A lot of mortgage lenders will require liens to be paid off in order to refinance the home.
- The industry isn’t stable enough yet, and you could end up with panels that can’t be repaired or serviced because the manufacturer is no longer in business.
- You will still have an electric bill because weather can effective the power to your home, such as a cloudy day, limited sun exposure during different seasons, and no sun during evening and night times.
- Even though they last 25-30 plus years, new major advancements are made at a fast pace, so after you pay them off, you will probably need a newer model or version.
Homeowners can argue back and forth about the pros and cons of this new green technology, but to be sure, they are just too new to pick sides. Advances in technology are happening every day, and even though there are some kinks to work out, the idea of solar panels looks environmentally and economically great on paper. Call Team Anderson Realty at 919-610-5126 if you have more questions about this topic.