Did you know you can improve home value with solar panels? Its true. And the government may even help you pay for them.
To provide incentives for homeowners to install solar panels, some government officials are considering offering benefits beyond mere tax credits for renewable energy installation. The creation of a new mortgage would allow consumers to get additional credit on their loan applications when they commit to installing solar panels or other energy efficiency features.
The proposals are being debated, along with other provisions of the Clean Energy Bill that is currently before the Senate, after passing the House of Representatives in Congress. With respect to the new mortgage provisions:
Proposals currently range from making mortgages 5 percent larger for people to make energy upgrades with, to ways to boost a mortgage applicant’s qualifying income based on the amount they plan to spend on things like home photovoltaic panels.
Among various reasons the government wants to encourage you to install solar panels is the simple fact that you’ll realize improve home value from day 1 after putting them on your home. The United States EPA reported in the Appraisal Journal that a home’s value increases by $20 for every $1 decrease in annual electricity bills. So, let’s say that you save only a portion of your utility costs… $300 per year (for us, that’s about 2 bills in the winter time). Well, you’ll increase improve home value with solar panels by nearly $6,000, based on today’s utility prices. And you’ll guard against future rate increases as well.
Consider that when you add the savings you receive from government incentives and tax credits, plus the potential new mortgage benefits, I’d say its time to find solar panels for your home! Even solar energy loan programs are being offered by some local governments.
With all these incentives, why wouldn’t you look into home photovoltaic panels for your home?