Solar, Is It a Good Real Estate Choice?
In the recent past, the price of solar has not proven to be a good investment for buyers or sellers of real estate in the State of Utah. The cost continues to out weigh the benefit for those looking to move. Most cost analysis's show that you need to remain in your home for the next 6 years at a minimum just to break even. However, that may soon change.
Research is already pointing to the fact that the recent pandemic has improved our air quality significantly and there will likely be a big push for maintaining that clean air once we all get back to work.
There are already great incentives out there, from tax credits the Federal and State Governments offer to the possibility of an increase to your home value, these incentives help to lower those costs. Although once the dust settles from this pandemic, we may see an increase to the incentives available, this could bring those costs down even further.
It is an industry to keep an eye on, just be very careful as many of the solar companies have sales pitches that can mislead you. A few tips:
Research the various companies ratings
Get bids from multiple companies
Learn what the terminology means in the sales pitches and if you don't know a term ask around until you get a sufficient answer.
Do not be pressured, they will do a number of calculations for you, but often those calculations are skewed to benefit the company not you. Take the time on your own to review their numbers and rework them if needed.
Finally keep an eye out for additional incentives that may be on the horizon after this pandemic.
Now would be a good time to sit back and wait to see where solar is going and work on your research and understanding of how this complicated industry works.