Solar power your home

By Melissa Wirkus

Homeowners are constantly looking for new ways to improve their home while increasing its value at the same time.
This rings especially true in an environment where home values and prices are steadily declining.

Everyone knows that some projects add value to your home, while others will do little or nothing to increase your listing price in the future.

Now, there is exciting new technology that will not only improve your home, but also increase its value and help the environment all at the same time!

That’s right – Solar power is sweeping the nation as the newest remodeling innovation with multiple benefits.

An October 31, 2006 article by Michael Copeland of CNNMoney.com, “Go green, a smart home improvement,” looks at how tax credits and rebates are making solar power the smart choice for homeowners.

“Considering a remodeling project to boost the value of your home? Before you drop $40,000 or more on a new kitchen or master bath, consider the newcomer on the renovation block: a rooftop solar-power system that not only will lower your overhead costs and insulate you from a volatile energy market but will likely add just as much to your home value over the long haul.”

“The technology has come a long way in the past 30 years. And what's starting to be good for contractors is looking sweet for homeowners too. For starters, today's solar systems are far more efficient than their commercial predecessors, and most are warranted to last 25 years.”

The best part of making your house part of the green revolution is that you could receive some much coveted perks just from making the switch from electricity to solar power, as said before, the benefits are countless.

“More important, the federal government and some states are offering serious incentives that can slash the price of installation (typically over $40,000 gross for a full system) in half. In California and New Jersey - the first states to allow so-called net metering, whereby homeowners are credited for electricity they generate beyond their own use - going solar can pay for itself in several years.”

Since solar powered systems are relatively rare, it is still difficult to assess the value. But one thing is definitely for sure and that is the solar powered system’s ability to lower energy costs will undoubtedly add value. No other remodeling project (such as a kitchen or bath) has been shown to reduce energy costs.

“A study in Appraisal Journal found that for every utility-bill dollar saved annually because of an improvement, you gain $10 to $20 in property value. So if you can zero out a $1,000 annual electric tab by installing solar, you'll get back $10,000 to $20,000 in home value.”

California and New Jersey are the two states that are leading the way to converting homeowner’s to solar power, but other states such as Arizona, New York, Colorado and Nevada are all beginning to offer financial incentives to those who convert their home to solar power.

This kind of home improvement is a no-brainer; because it not only benefits homeowners individually, but the environment as well.

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