You might be considering a solar panel installation project for several reasons. Perhaps, you want to sell it, or you’re interested in changing the appearance of your home. At Elite Remodeling Group, we have what it takes to provide you with solar installation services that achieve all your heart desires.
Before going further, we must determine whether your roof can support solar panels. To do that, we have to assess the irradiation of the roof. How much solar energy does it receive? This is a critical factor to evaluate, especially when you want to calculate the ROI. There’s no point installing a solar panel when there’s no sun to power it!
If you buy the components, it means that you own them for life. When you own your solar panels, you can even connect them to the power grid and sell electricity, using the profits to offset the installation cost. The process of selling back electricity to the power company is known as net metering. This process, as well as the rebates, tax breaks, and subsidies you get, are incentives for getting sustainable home renovation services.
In a widely-circulated report by the Lawrence Berkeley National Laboratory (affiliated with the US. Department of Energy), researchers analyzed the sales of solar photovoltaic (PV) homes in 8 different states. On average, buyers are willing to pay premiums of $4 per watt of capacity. That number translates to an additional $24,000 for a 6 kW home with PV.
EnergySage released a report showing that the average cost of solar panel installation is $3.70 per watt. That means it would cost roughly $24,000 to install a 6-kilowatt system. However, considering the rebates and other subsidies, your cost can come down as far as $15,000. With those considerations, the resale value of $24,000 will leave you to enjoy a 154.4% ROI.
