Shining a Light on Solar Roofing: Does Solar Increase the Value of Your Home?
By Millstream Construction
Have you been considering “going solar?” Are you unsure whether adding solar roofing will increase the value of your home or business? For homeowners and business owners, knowing whether they will net a positive return on investment (ROI) from installing a solar roof matters. In this article, we try to answer, “Does solar increase the value of your home (or place of business)?”
Does Solar Increase The Value Of Your Home?
Purchasing and installing solar roofing requires a significant outlay of personal finances or business capital. Industry experts recommend comprehensively assessing your financial situation before proceeding with a solar energy project. You can only make a wise investment decision for your home or business by being informed.
What Is Return On Investment (ROI)?
Return on investment (ROI) customarily calculates how the cost of a service or product compares to the income generated (or savings created) from using it.
A positive ROI suggests that the investment is “worthwhile.” A negative ROI indicates that the expenditure is a loss and suggests that you could have made a wiser choice of using these financial resources on a different service or product instead.
However, purchasing a service or product should not be solely tied to ROI since its acquisition may provide other benefits that are not necessarily connected to anything financial.
5 Factors That Help Determine ROI When Considering Solar
1. Available Tax & Other Financial Incentives
Federal, state, and local tax credits may help offset a percentage of the cost of installing a solar energy system.
2. The Capacity Of The Solar Roofing Product You Select
You should know that every solar energy product has different abilities to access and harness power from the sun.
3. The Size (Square Footage) & Layout Of Your Roof & Property
The design of your home or place of business plays a significant role in the type of solar energy system you will need.
4. Your Energy Consumption Requirements
How much electricity your home or commercial building will need influences the kind of solar energy product you acquire.
5. Your Location & Access To Sunshine & Natural Light
A solar energy system may only be ideal if your home or place of business has consistent or continuous access to sunlight.
Calculating Your Solar ROI
ROI is measured by dividing the net profit of the solar energy system’s useful life by the total cost of purchase and installation (less any tax or other financial incentives) and then multiplying this total by 100. The resulting calculation represents a percentage of the initial cost.
Solar roofing experts claim that the ROI for the average solar energy product is +10%. If you generate a positive ROI from your estimate, a solar energy system might just be the ideal choice for you to create meaningful savings on your electricity and other energy consumption.
Choosing A Qualified Solar Roofing Installer
For Connecticut-based residential homeowners and commercial building owners and operators (including property managers), Millstream Construction offers the finest quality solar roofing products using only the most qualified professionals. That way, you know you’re receiving exceptional craftsmanship and results. Contact us today to schedule an appointment and receive a free solar estimate!
