If you're thinking about replacing your roof, like millions of other homeowners - you may also be considering adding solar at the same time. An average of 2.3 million single-family homes per year will require a roof replacement over the next decade. However, if just a fraction of those homes go solar simultaneously, it will represent significant progress toward U.S. decarbonization goals. Here's what you need to know.
First, costs: The average cost to repair or replace a roof is roughly $10,000. Of course, the time will depend on the materials used and other factors. According to the National Renewable Energy Laboratory (NREL), the average cost to install solar panels, for example, ranges from $7,000 to $13,000. Combined with a roof replacement, your final bill could run up to around $30,000; however, NREL researchers estimate that if you were to do both together, the average cost could be as low as $20,000, potentially saving you an average of $4,000. With any investment like this, there are always incentives in place to cut costs down further - and for those who qualify for them - it's worth doing a little research into the tax credits available when renovating and installing alternative energy systems at home.
One of the most exciting discoveries homeowners may experience is that sometimes solar panels are offered in a roof replacement. If a homeowner is interested in solar power, this might be a great way to get started on their journey towards renewable energy. Not only will their home be more environmentally friendly, but they will also save money through federal rebates at tax time. Plus, having a new roof and new solar panels ensure longevity and peace of mind for years to come!
By simply investing in solar, homeowners significantly increase the value of their property and sell their houses faster. A report by Lawrence Berkeley National Laboratory found that homes with solar panels sell for a premium of about $15,000 to $25,000 more than other comparable homes without panels. These benefits only further promise to compound over time as the cost of installing solar energy continues to decline.
Suppose a traditional loan for the solar system is not an option for you. In that case, there are two other financing options available that also allow you to be in control of your energy source: (1) leasing panels from a solar company that installs them on your roof and then sells you the electricity generated by them at wholesale rates, which can typically be lower than what you're paying for energy from your utility company. Alternatively, hire a solar company to build and maintain your solar installation; this works exceptionally well if you have property or home only used seasonally (e.g., a second home or an off-the-grid cabin).
Next, the planet. To decarbonize the electricity sector, this country needs to increase solar power installations to about 70 gigawatts (GW) per year by the end of the decade, up from 19 GW in 2020. Installing solar on new homes or during roof replacement can be a way for Americans to reduce their carbon footprint and make a difference in reducing carbon emissions—and that's without even taking into consideration how installing solar can also enhance your home's aesthetics, especially if it's got some extra visual appeal with an airy green rooftop!
As an entrepreneur, you'll experience all kinds of ups and downs. It's not easy to navigate everything, and deciding where to invest your money is no exception. While borrowing from traditional lenders might be costly in the short term, consider alternative financing options such as peer-to-peer lending, which will help you get through these trying times with a bit of more financial security. And keep in mind that many states are providing opportunities for business owners like those living off the grid to tap into the sun's power by going solar while still saving on the cost.
At AHLEC are continually working to help reduce costs and make solar energy and solar quote more accessible.
Source URL: https://ahlecsolar.com.au/
