When it comes to home renovation for the purpose improving long term value, most experts would say to start with the kitchen and then move to the bathroom. From there the road can split with some experts advising converting an attic to a bedroom as the third most cost-effective.
But over the past few years, many homeowners have come to wonder if installing solar panels is a good Renovco renovation idea; and in many ways, it is.
HOW MUCH DOES SOLAR COST TO INSTALL
Recent data in the United States says that the average cost to the consumer to install solar is between $7 to $9 per watt. The average home is about 5 kW which brings the total cost up to a range between $25,000 and $35,000. At the same time, at least in the US, many utility companies offer incentives with subsidies of up to 50 percent to encourage homeowners to make the move to solar.
IT SAVES YOU MONEY
While the typical Renovco home renovation effects aesthetics—and only provides return on investment when you sell your home—installing solar power does save you money. The average mortgage lasts for thirty years [in the United States] so installing solar power early into home ownership can actually save the owner tens of thousands of dollars.
As a point of reference, the average projected savings for Americans who installed solar panels on their homes in 2011 is more than $20,000.
Now, that might look like you are just breaking even. However, with the utility incentives and government subsidies you could end up saving quite a bit.
IT SAVES THE ENVIRONMENT
Hands down: solar power helps to improve global warming conditions. It has become exceedingly important to address this in every possible way so those who opt to install solar panels on their home will know they are doing their part to help the environment. Indeed, if you are looking to invest in a Renovco home renovation, installing solar panels will be the most environmentally conscious.
With the energy market in flux you can’t rely on prices to remain stable. And with the global population still growing, energy is becoming more and more scarce. The sun, however, is abundant. That means if you install solar panels on your home you don’t always have to rely on the utility companies (or the government). It also means it could be the most things to include in your Renovco home renovation.