Is it a good idea to install solar panels now?

Asked by Manisha, Cupertino, CA Tue Oct 9, 2007

Cost of installing solar panels is still very high. Does it eventually pay off? Does property value go up if you have solar panels?

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Ute Ferdig, Agent, Newcastle, CA
Tue Oct 9, 2007
Hi Manisha. It depends on how long you plan on keeping the house. Depending on the cost and how much you may save per month after installation, you should expect any between 5 - 10 years to break even. I would not count on solar panels increasing the value of your property. I know that the solar panel companies use increase in value as a selling point, but in my opinion there's not sufficient statistical sales data to support such a claim. In my market, I have seen very few homes with solar energy panel sell and it's therefore very difficult to draw a comparison. This may change in the future, but right now I don't see the increase in value as a prime motivating factor for making the investment. If you opt for solar panels, do it for environmental reasons, not for cost efficiency reasons. That's just my opinion.
Web Reference:  http://www.go2kw.com
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ian cockburn, Agent, New Orleans, LA
Tue Oct 9, 2007
Solar panels are the way to go...depending on where you live utilities can be very high, and if you get alot of sun, it can sometimes pay for itself within a matter of a few years...you also have to look at how many people are in the home, is it for hot water, or electricity generation, etc.
Web Reference:  http://www.iansellsnola.com
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Denise Stuart, Agent, San Jose, CA
Tue Oct 9, 2007
I have Solor Panels for my Pool only, it is very efficent and I have had no problems for over 7 years. I also know someone who installed and gets paid for the amount of energy they produce. I guess it woud need to be weighed with the amount of sun you get in your area also. Now might not be good if you were in a heavy winter state.
Denise Stuart
Coldwell Banker
Web Reference:  http://ww.realeasy4u.com
0 votes
Sylvia Barry,…, Agent, Marin, CA
Tue Oct 9, 2007
Hi Marisha:

I don't' think solar panels have a big effect on the property value, but it can be a unique selling point for energy / expense conscientious buyers.

However, the placement and how it will affect the look of the house might have a different effect on the house - could deter some buyers if the solar panels installed have an adverse effect on how the house looks.

Sylvia
0 votes
Perry Hender…, Agent, Austin, TX
Tue Oct 9, 2007
Solar power is expensive but your city may have incentives that pay for as much as 75% of the cost. Check it out first and then do an roi.
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