What you need to know about solar panels

Considering Solar Panels?
With soaring energy costs, many homeowners are turning to solar for both their homes and their cars to save money. With solar companies touting huge monthly savings for electricity costs, how can you know what makes sense for your needs? Here are the basics of solar panels to help you start the process.

How do solar panels work?
Solar panels are positioned on your roof and absorb energy when the sun shines on them directly. The amount of energy generated will be affected by the amount of square footage of the panels. Therefore, your roof must have enough area with extended direct sunlight each day to be effective.

How to find a solar panel company?
There are a lot of solar panel companies advertising their service right now. Some companies specialize in panels as well as roofing companies adding solar as an option and big-box home improvement stores. It’s important to consider both price and expertise when choosing a contractor to install the panels. You should read reviews and get referrals before making a final decision.

How long will the panels last?
Solar panels are typically guaranteed to last 20-30 years. That is a long time and repairs may be required.  Is there a warranty?  If so, for how long and what does the warranty include? The amount of energy generated will decrease over time. You should choose a warranty that guarantees the amount of energy over the life of the panels.

Considerations                                                                                                                                                    While solar panels can offer lower energy costs and enable the homeowner to contribute to a greener environment.  There are some considerations that a homeowner should consider before going all in.

Will the solar panels add to the resale value of the property?                                                                                                        While some buyers like the idea of solar panels, others may not, which could significantly limit your target market.

Will you buy the solar panel outright or will you lease them?                                                                                                      Leased panels may cause a hassle if you resell the property.  If the solar panels are leased the buyer will either, have to agree to take over the lease or they will ask you to remove them.  In the latter case you may be stuck paying the remainder of the lease.  As a seller would you be willing to take on any potential hassles that solar panels may bring to a transaction?  Make sure you read your solar panel lease carefully before deciding to list your house.

Are there any restrictions on the property?                                                                                                                            Depending on your city, town or HOA, you may not be allowed to have solar panels installed on your property.   It’s best to ask first.

Where do live?                                                                                                                                                                                            If you live in the northern part of the country or an area where there is considerable cloud cover most of the time, getting solar panels may not be a good investment for you.

Summary
Solar panels can offer significant energy savings and lessen your reliance on shifting prices. A solar system is also a large expense, so before purchasing or leasing a system, do your due diligence and learn your options.