Rooftop Solar: An Investment for Retirement
Have you considered rooftop solar as a part of your retirement planning? If not, perhaps you should.
Achieving your dream of a stable, financially secure retirement will require a mix of smart investments. A rooftop solar system can be one of the most worthwhile retirement investment options available.
Oct. 16-22, 2016, is National Save for Retirement Week, a time to think about and work toward a sound financial future. Installing a photovoltaic system can be a solid investment strategy for your retirement.
Rooftop Solar Offers High Investment Return Potential
To establish financial security for your retirement, experts recommend investing in low-risk options like government bonds and money market funds. A rooftop solar power system is just such a low-risk investment, as it provides steady, predictable returns.
You’ll begin seeing these returns right after installation, as adopting solar will reduce or eliminate your monthly electricity bills. And if your photovoltaic system produces more energy than your household requires, you may even generate credit with the power company, thanks to net metering programs.
Eliminating your power bill frees up your cash flow, allowing you to save more for retirement.
Plus, investing in rooftop photovoltaic power protects you against future electric company rate hikes. You’ll be creating your own electricity, so you won’t have to budget for increasing utility rates during your retirement.
Rooftop Solar Boosts the Value of Your Home
Maybe you aren’t planning on selling your home. But who knows what the future will bring? Adding a photovoltaic system to your home can make it more marketable, which can certainly be beneficial if you decide to downsize or relocate later.
Homes with solar energy systems can sell for up to $15,000 more than similar homes without photovoltaic power, according to research from the Lawrence Berkeley National Laboratory.
But that’s not their only advantage. A U.S. Department of Energy Efficiency and Renewable Energy study found that solar-powered homes can sell twice as quickly as grid-powered homes.
Financing a Rooftop Solar System for Retirement Savings
Installing a photovoltaic system can help you save money for retirement, no matter how you finance the purchase. Talk with a financial advisor for guidance specific to your retirement plan, as certain payment options can generate greater returns.
If you have the resources, consider paying cash for your rooftop photovoltaic system, as this saves you interest payments. If you don’t have sufficient liquidity, cashing out an investment that has matured can be a great way to reinvest the money toward your retirement.
If cash isn’t an option, check into an energy-efficient mortgage, Title I home improvement loan, home equity loan or personal line of credit. Or take advantage of a solar loan through your photovoltaic installation contractor.
The alternative energy experts at Intermountain Wind & Solar can design a cost-effective photovoltaic system to power your home and help you save for retirement. Contact us today to learn more or to schedule a free consultation to discuss rooftop solar.