Understanding When to Go Solar
When speaking with sales people, it can often feel like "NOW" is the only time to consider a solar energy investment for your home. This is understandable, and certainly there are benefits to moving quickly sometimes.
However, here at Synchro Solar, we take a different approach.
We understand that solar energy is a big investment. And big investments require good research and a solid understanding of what you are getting into. Here are a few times when waiting might be best.
1. Your Roof Has Fewer Than 10 Years of Life Left
If you have an old roof, now may not be the perfect time to go solar.
In fact, to maximize your incentive opportunities, 10 years of roof life is the minimum we recommend, anyway.
You can still re-roof your home once solar power is installed. The extra labor needed to remove the panels is not huge (they only weigh around 45 pounds). Plus, they are extremely durable and difficult to break.
In addition, many solar energy installers (like Synchro) can connect you with home improvement loans. These financing opportunities are often home-equity loans. You can roll the cost of upgrading your roof into the cost of going solar, and often save money doing so.
In fact, to maximize your incentive opportunities, 10 years of roof life is the minimum we recommend, anyway.
You can still re-roof your home once solar power is installed. The extra labor needed to remove the panels is not huge (they only weigh around 45 pounds). Plus, they are extremely durable and difficult to break.
In addition, many solar energy installers (like Synchro) can connect you with home improvement loans. These financing opportunities are often home-equity loans. You can roll the cost of upgrading your roof into the cost of going solar, and often save money doing so.
2. Your Living Situation Is Uncertain
Thinking of moving on from your current residence?
A solar energy installation might be a better fit for your new home, instead.
There is a strong indication that solar panels can add resale value to your home. In California, the Lawrence Livermore Laboratory was able to show this decisively through a study. The study compared home values throughout the state and found an average resale value increase of around $5.50/Watt.
This would correspond to an increase of about $17,000 for a small, 3,100 Watt (3.1 kW) solar installation on your home.
In Oregon, we cannot assume that the effects would be the same because it is a different market. However, it is not outlandish to consider that a positive impact exists.
In addition, many times loans can be transferred between parties as well. This might be a consideration to think through, once you have a free site evaluation completed.
A solar energy installation might be a better fit for your new home, instead.
There is a strong indication that solar panels can add resale value to your home. In California, the Lawrence Livermore Laboratory was able to show this decisively through a study. The study compared home values throughout the state and found an average resale value increase of around $5.50/Watt.
This would correspond to an increase of about $17,000 for a small, 3,100 Watt (3.1 kW) solar installation on your home.
In Oregon, we cannot assume that the effects would be the same because it is a different market. However, it is not outlandish to consider that a positive impact exists.
In addition, many times loans can be transferred between parties as well. This might be a consideration to think through, once you have a free site evaluation completed.
3. You Are Feeling Confused or Pressured
This one is an important one.
Check in with your gut. If you are feeling confused about any aspect of going solar, ask questions. If you need to, take your space and educate yourself further. Going solar should feel exciting and enjoyable; if it does not, maybe waiting is the right choice.
Also, be sure to work with a solar installer that authentically cares about your experience now and in the future. For more advice on things to look for when choosing a contractor, check out our article: 8 Essentials for Considering a Solar Installer.
Yes, incentives change over time. But solar energy will likely remain a powerful opportunity even if some aspect of the investment changes or becomes less optimal.
Check in with your gut. If you are feeling confused about any aspect of going solar, ask questions. If you need to, take your space and educate yourself further. Going solar should feel exciting and enjoyable; if it does not, maybe waiting is the right choice.
Also, be sure to work with a solar installer that authentically cares about your experience now and in the future. For more advice on things to look for when choosing a contractor, check out our article: 8 Essentials for Considering a Solar Installer.
Yes, incentives change over time. But solar energy will likely remain a powerful opportunity even if some aspect of the investment changes or becomes less optimal.
4. You Do Not Pay Federal Taxes
A large portion of your return on a solar investment (ROI) will come from a tax credit. The Federal Solar Tax Credit can help most homeowners with the cost of going solar.
However, if you do not pay federal taxes, or your federal tax burden is extremely small, the timing may be off. On the other hand, the tax credit will pass through to future years easily.
In addition, the Federal Tax Credit is ending soon. It will be phased out in coming years.
As a result, even if you have low tax liability, a financial evaluation might still make sense. Also, keep in mind that the tax credit increases your tax refund directly. So it operates just like cash. It is not a deduction.
However, if you do not pay federal taxes, or your federal tax burden is extremely small, the timing may be off. On the other hand, the tax credit will pass through to future years easily.
In addition, the Federal Tax Credit is ending soon. It will be phased out in coming years.
As a result, even if you have low tax liability, a financial evaluation might still make sense. Also, keep in mind that the tax credit increases your tax refund directly. So it operates just like cash. It is not a deduction.
Are There Other Incentives That Change When I Wait?
Yes there are.
The Oregon Residential Energy Tax Credit (RETC) was recently ended. This was a state of Oregon tax credit.
In response, the Energy Trust of Oregon raised its cash incentive rate. This incentive pays cash to homeowners that install solar panels (Conditions apply).
The cash incentive rate is set up to be responsive to the market. It drops in value over time, based on demand.
The Oregon Residential Energy Tax Credit (RETC) was recently ended. This was a state of Oregon tax credit.
In response, the Energy Trust of Oregon raised its cash incentive rate. This incentive pays cash to homeowners that install solar panels (Conditions apply).
The cash incentive rate is set up to be responsive to the market. It drops in value over time, based on demand.