It's best to check with your insurance provider or shop for a new one that will cover a new solar installation. Some homeowners policies cover solar panels, some do not. Changes to your homeowners insurance policy Some states have policies exempting homes with solar panels from paying the additional property tax. Typically, the higher the home's value, the more you will pay in property taxes. Adding a solar panel system to your home will increase the appraised value. Property taxes are based on assessed values of property. If you have a well-shaded roof or one that only points north, your house may not be a good fit. The angle, pitch and direction of your roof will affect the productivity and efficiency of your solar panels. Trimming trees and repairing your roof, if necessary, will add expense to the project. Not everyone has the right conditionsĪvailable sunlight, space constraints and installation hurdles can make a solar system more expensive. If it takes you seven years to recoup your investment, and you move or sell your home before that, then you might be taking a loss. You should calculate your solar payback period before buying, especially if you're going solar for the long-term savings. The average payback period in the US is six to 12 years, but depending on your energy costs, electricity usage and available incentives, that period could be longer, Jamie Haenggi, president of ADT Solar, told CNET. Understanding how long it takes for solar panels to pay for themselves is a major factor in the purchase decision. Many solar companies or installers offer financing, but that usually means paying interest and additional fees. Some states offer additional incentives and rebates, but a solar purchase is still unaffordable and unattainable for many. Over the past decade, the cost of solar panels has decreased significantly and the federal tax credit offsets an additional 30%. For the median size of 7 kilowatts, that's a total installed price of $26,600. The cost of a residential solar system will vary by size, installer and location, but the national median is $3.80 per watt, according to the Lawrence Berkeley National Laboratory. When it comes to any major purchase there are always downsides - the biggest one being cost.
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