If you’ve already read the articles from previous topics we’ve written about solar, you’ve probably figured out that going solar is great low-risk way to plan for your future. When thinking ahead about retirement, multiple strategies come into play. With the right financing option, going solar is proving to be one of them.
Going Solar Boosts the Value of your Home
You may not be planning to sell your home now, but the future brings many unknowns - and downsizing your home/relocating later in life might be something you’ll want to do. You can sell your home for up to $15,000 more with a solar system installed, according to research from the Lawrence Berkeley National Laboratory. Not only will it sell for more, but it will most likely sell twice as quickly than a grid-powered home.
Protect Yourself from High Electric Bills
While electricity rates go up every year, solar lets you rest assured your bill is staying exactly where you saw it last time. That’s comfort that everyone should experience during retirement; and the best part is - solar benefits like SREC’s aren’t taxable. This is because your financial returns are processed as monthly savings, not income.
Generate More Retirement Income
If you’re in your 40’s or 50’s and trying to catch up on retirement savings, solar could be a great option for you. Depending on where you live, you might be able to work with a utility company that pays you for the amount of extra electricity your panels generate. In states with SRECs (Solar Renewable Energy Certificates), you could also earn more money by selling those. They come to you as a separate check, and aren’t taxed, as mentioned before. Not only are you lowering your electricity bill, but you’re getting more money with interest.
There’s a good reason for homeowners to go solar at any stage of life. If there’s a time where investments matter, however - it’s going to be when you’re thinking about retirement. Solar energy is one of the best ways you can invest in your future, and lower your financial worries during a time of your life when you should be enjoying yourself.