On average, a California solar system will pay for itself within five to 10 years, depending on the size of the system. However, if the system is leased and homeowners put little down upfront, the solar system will begin paying for itself on day one, creating instant savings.
Residential Solar adds to Property Value
Nick Hofer | OneRoof Energy
How do solar panels increase the value of a home?
In 2011, the Lawrence Berkeley National Laboratory Study found that adding a solar power system increases a home’s resale value by approximately $5.50 per watt. For example, a 3.1 kilowatt solar power system can add nearly $17,000 to the home’s value. Solar power systems are a good investment for all homeowners looking to increase value in their home and area.
What is the average increase in value?
The increase in value will vary, depending on the size of the solar system. According to the Lawrence Berkeley National Laboratory Study, the average savings is $5.50 per watt.
What other advantages do residential solar systems bring to sellers and buyers?
Since homeowners with solar power systems avoid electricity cost increases from local utility companies, this built-in savings is appealing to both sellers and buyers. For prospective buyers, the home is more appealing because of the stability of these costs. Sellers receive a higher return on the investment of their homes. Homes with solar also allows open up opportunities to qualify for Energy Efficient Mortgages. (EEM) is a mortgage that credits a home's energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.
What impact does solar have on the residential housing market in California?
Solar is increasing the value of residential homes, creating a competitive advantage for sellers. The California Association of Realtors notes the real estate market is already on the rise and the addition of solar is supporting the growth in the market. Solar increases a home’s overall value, which makes the residential homes more appealing to both buyers and sellers.
What are the most affordable ways to add solar to your home?
Find flexible leasing options that allow you to put little to nothing down for your home solar system, which creates immediate savings within the first month.
What benefits does OneRoof Energy bring to its customers in comparison with other solar companies?
OneRoof Energy offers customers flexible leasing options to fit their budget. The SolarSelect® Lease, , allows homeowners to pay little to nothing down on the lease while immediately reducing their monthly utility bill. Over the life of the lease, homeowners save thousands of dollars avoiding electricity rate increases from their local utility. OneRoof Energy also offers a worry-free warranty with long-term maintenance and repair at no cost to the homeowner. The company also continually monitors the performance of the system, also at no cost.
It seems like solar systems are more accessible in California. Why is that?
California offers unique state tax incentives and rebate programs that encourage residents to take initiative in greening their homes. Many of these programs make it easy and affordable for residents to install solar systems on their homes. California has also accounted for the largest share of the U.S. solar market to date.
What is the average demographic of families looking to go solar?
Five years ago the demographic average of a solar consumer was limited to families with two older children and an average household income of $100,000. Today, solar is more accessible to a wider demographic of homeowners. In a recent study done by PV Solar Report, today’s average household income is now approximately $57,000 across 13 of California’s highest solar adoption cities. The average demographic now includes younger families and older couples preparing for retirement seeking to fix their monthly household expenses.
What has made solar more accessible?
Affordable leasing and financing options have contributed to the accessibility of residential solar systems to a wider demographic. Homeowners are no longer required to make large upfront payments for solar systems, so the barrier to entry is reduced significantly.
How quickly does a solar system pay for itself in a typical California installation?
On average, a California solar system will pay for itself within 5 to 10 years, depending on the size of the system. However, if the system is leased and homeowners put little down upfront, the solar system will begin paying for itself on day one, creating instant savings
Vice President, Marketing
As the vice president of marketing, Nick Hofer leads the marketing efforts to help establish OneRoof Energy’s corporate brand. He brings more than 20 years of experience with leading brands such as Gateway Computers, Kodak, Sony, Hewlett Packard, Live Nation and 24 Hour Fitness among others.
Before joining OneRoof Energy, Nick served as the general manager officer for Zeta Interactive, a full-service interactive marketing agency. In 2008 Nick was the chief executive officer and chief marketing officer for CHR & B LLC, a credit card rewards company where he led the start-up to successfully raising operating capital and secured more than $4 million in funding for the company.
Nick graduated from the Stanford Executive Program from the Stanford Graduate School of Business. He also holds a bachelor’s degree from University of South Dakota in mass communications.
The content & opinions in this article are the author’s and do not necessarily represent the views of AltEnergyMag
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