Series Introduction: This article is part of a 10-part series to shed some light on what your solar salesperson is NOT telling you. It is my hope this will help consumers to better understand the “small print” items when deciding if installing Solar panels is the right decision for you and your family.
Solar Panels have recently become more affordable and easier to obtain for homeowners. It is hard not to get sucked in by commercials with uplifting oldies blaring and people dancing and singing the praises of a Solar Life with the spokesperson declaring it is now an affordable option for homeowners. As a REALTOR® I have been asked by many past and present clients if they should do this? This series will cover the following issues of the solar home craze. You can also click topics below to jump to that particular topic.
What’s the catch?
Potential savings or smoke and mirrors
What’s the real cost?
Life expectancy and maintenance mortgage and appraisal pitfalls
How does this affect my homeowner’s insurance?
What sellers need to know?
What home buyers need to know?
Less expensive alternatives to solar panels.
Why I made the decision I made regarding Solar Panels.
Thy began the presentation by demonstrating the value. The light gray lines represent my current consumption of electricity
The dark blue show how electricity I would consume with only the Energy upgrades they recommend (these are items to be done prior to the solar panels
And lastly the amount of electricity we would be consuming with the panels too.
We had been asked in advance to provide them information about our utility bills for the year which they averaged to roughly $309.00 dollars a month. 90% of our home is Electric. Based on their calculations they estimated our monthly payment would be $252 for the new system so seemingly saving $57 a month. Wow, I thought by getting solar panels, that will eventually be paid off, I can generate my own electricity for less than what I am paying the electric company. The salesperson then explained we would have to still buy some electricity from our utility company because of cloudy days or winter with less sun. He estimated that cost to be an additional $139.00 a month. The small print also states this is just an estimate of the cost you will pay your electric company and does NOT include any taxes or other charges your electric company might have monthly.
The next slide showed our current monthly cost side by side with the monthly cost of the panels.
So, let’s see ….
$252.00 monthly for the panels plus another
$139.00 a month to the electric company is
$391.00 a month.
They estimated my current monthly costs at $309 a month and with solar panels my estimated costs would be $391.00 a month. That’s an increase of $82.00 more a month than I am paying now.
They also said that my
30-year savings estimate with solar panels was $28,830 overall, including what I would save by implementing the items in the EEP recommendations. You will find EEP recommendations later in this series.
This is only the beginning – In the spirit of keeping these brief we broke this into a series. Click the topic below to delve deeper into each of these topics to find out how they might impact you.
Hopefully you found this to be a helpful series, I would love to see your comments and hear about your experiences so others can benefit from your stories as well. Direct links to each topic in this series. Also, I would love for you to subscribe to be notified when new posts are available or follow. Look on the top right to do that.
SOLAR PANELS – What’s the catch?
SOLAR PANELS – Potential savings or smoke and mirrors
SOLAR PANELS – What’s the real cost?
SOLAR PANELS – Life expectancy and maintenance
SOLAR PANELS – What sellers need to know?
SOLAR PANELS – What home buyers need to know?
SOLAR PANELS – Mortgage and appraisal pitfalls
SOLAR PANELS – Less expensive alternatives to solar panels.
SOLAR PANELS – Why I made the decision I made regarding Solar Panels.
Have you thought about selling your home?
What if I told you I could sell it for more than it is worth?
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