, ,

The Answers: Will solar panels affect the value of my home?

A few weeks ago, I wrote a post on solar panels. Two of my past clients, Andrea and Moira, had been told by a solar panel company that they were the perfect candidates for solar panels due to their home’s location. They were concerned, though. While both were drawn to the idea of doing their part to help the environment, they had a number of questions that needed to be answered before they could move forward.

I’ve decided to take their questions and pose them here. Each question will be followed by an answer that I received after calling Logitest Solar Inc.  If you have questions or concerns of your own, please be sure to post them here and I’ll gladly find the answers for you.

 

1. Will solar panels affect the value of my homes?

According to a sales representative at Logitest Solar Inc. here in Vaughan, no studies have been conducted on Canadian homes and solar panels. Studies, however, have been conducted in California. We can assume that the numbers will be similar here. The sales rep quoted me these statistics:

  • On average, California homes with solar panels installed sell for 17% higher than those without.
  • On average, California homes with solar panels installed also sell 20% faster than those without.
2. How much will solar panels set me back? 
As with most things in life, the price really depends on what you’re after. In Canada, there are two types of solar panels to choose from for residential homes. The first is called net metering. With net metering you use the power your panels have created first, and the rest go into a grid. You are paid out .06-.11-cents per kilowatt of energy, depending on who you’re working with.
The second option is through the Microfit program. With the Microfit program, you sell all available energy to the grid first, then purchase what you use – just as you do now. With this program, you are guaranteed for 20 years.
Depending on how many panels you install, and the type you choose, solar panels can cost anywhere from $30,000-$60,000. For a mid-sized installation, you’re looking at about $45,000.
3. Will solar panels cause damage to my roof? 
No, in fact they’ll do the exact opposite. Solar panels will protect your roof’s shingles from damage due to the sun – and that’s what most damage comes from. The company you choose to go with will check your roof to see if it will last for 20 years. If not, your shingles may need to be replaced beforehand. Ask a professional solar panel installation company to visit your home for a thorough assessment.
4. What happens when it comes time to reshingle my roof? 
When it comes time to reshingle your roof the solar panels will obviously need to be removed. For this reason, it’s a good idea to make sure that your roof is reshingled before you install the panels, if possible. It could save you a lot of money and hassle.
5. Are there any liability issues with solar panels?
As with most things, there can be liabilities, although you should feel secure in knowing that your solar panels are covered by your home insurance. They do not take much to maintain, but when they do require maintenance, it is covered by your warranty.
If you have more questions about solar panels, please feel free to pose them here. I’ll gladly give someone a call and get back to you.

 

/0 Comments/by
0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply