Federal tax breaks are available for solar panels through 2021 so take advantage while you can. Solar is not for everyone. Do your homework before making the investment.
1. Determine whether solar panels make sense for your home Here's a couple of sites that can help you determine if solar panels make sense for your location: Google Project Sunroof or check out solar resource maps from the National Renewable Energy Laboratory. 2: What's the payback period? Typical payback is about 8 years. If you plan to move in the next couple of years solar may not make sense. If you decide to lease, you may need to buy the system before you sell or have the buyer take over the lease so think carefully about your decision. 3: Consider financing and payoffs Take time to analyze whether buying or leasing will be most beneficial. If you buy, you can factor in federal/state incentive into your estimates. Together, those incentives have a big impact on the final cost. If you need a loan, talk with your bank, mortgage provider, or a lender that offers solar-specific loans and resources and remember, if you lease, you won't be able to take advantage of the tax credit. 4: Research providers Make sure to research providers online and check their reviews. When evaluating proposals, be sure it includes any costs to update the roof or remove trees that create shade.
Source: Realtor Magazine, February 5th Brandon Doyle, Vincent Ferro