Some financial experts say the solar ROI (return on investment) is often better than the stock market.
Photovoltaic power undoubtedly comes with impressive returns. And in fact, many homeowners reach the payback point on their photovoltaic systems in well under a decade.
A home PV system is already a lucrative investment, one that offers increasingly high returns as time goes on. But with a little extra effort, you can boost your solar ROI even more.
No. 1: Make Your Home More Energy-Efficient
Reduce your electricity consumption, and you’ll reduce the number of solar panels required to meet your power needs. Your costs for switching to photovoltaic power will be less, so your home PV system will pay off much more quickly.
Taking energy efficiency measures to improve your solar ROI doesn’t have to be a hassle. Even taking simple steps like swapping out your incandescent bulbs, using power strips for your electronics and installing a smart thermostat can noticeably decrease your energy use.
No. 2: Take Advantage of Every Photovoltaic Power Financial Incentive
Bringing down your photovoltaic investment costs is key to maximizing your solar ROI. Fortunately, when you install a home PV system, you are eligible for a number of rewarding financial incentives.
The federal solar tax credit takes 30 percent off the top of your photovoltaic expenses — you’ll get that back when you file your income taxes. State and local tax credits, rebates and grants sweeten the deal, saving you thousands more.
Claim every possible financial incentive, and you can slash your total photovoltaic costs by as much as 50 percent. No question, this will boost your solar ROI.
No. 3: Hire an Experienced Professional Solar Contactor
Hiring a handyman to mount your solar panels might cut some on the upfront costs of photovoltaic power. However, it isn’t likely to lead to an improved solar ROI.
Hiring an experienced, professional photovoltaic contractor ensures that your home PV power system will provide decades of trouble-free operation, complete with manufacturer’s equipment warranties.
If you cut corners with your photovoltaic equipment or installation, you’re likely to be plagued with problems. For the highest investment returns, work with a licensed, professional contractor with a solid reputation — Intermountain Wind & Solar.
No. 4: Invest in High-Quality Solar Components
Photovoltaic power is a long-term investment. This means that buying your PV system from Craigslist or off the back of somebody’s truck is not a good idea.
High-quality solar panels, inverters and other home PV system components last longer than cheaper components. In fact, they often continue to function efficiently for years (or decades) beyond their warranties.
So while you may pay a little more for quality photovoltaic components, the investment will pay off in the future.
If you live in Utah, Idaho, Colorado, Wyoming or Nevada and you’re thinking about making the switch to photovoltaic power, contact Intermountain Wind & Solar today. Give us a call to schedule a free home PV consultation, and our team will be happy to answer all of your questions about solar ROI.