One of the major benefits of owning vs renting is the ability to customize your home to suit your needs and tastes. And as any long-time homeowner will tell you, home improvement projects are never-ending.
What is on your list of projects for this year? Maybe a new patio, that kitchen renovation you’ve been dreaming about, or possibly switching to solar energy.
Installing solar panels is an investment to undertake before other major home improvements. Why is that?
1. Solar Has Better Payback Compared with Traditional Renovations
Put simply, solar energy has a shorter payback period and gives you more tangible rewards. For example, let’s compare a solar panel project to a kitchen renovation.
The National Association of Realtors (NAR) Remodeling Impact Report indicates that homeowners can expect to recover 75% of the costs of a complete kitchen renovation when selling their homes. The cost recovery for a kitchen upgrade is 67%.
Those are high percentages. However, that cost recovery doesn’t happen until you sell your home.
By contrast, solar panels have a quick and tangible cost recovery thanks to the help of rebates and incentives in Illinois. With low upfront costs plus immediate savings on energy bills, 100% payback time could be as short as a few years.
After that, they will continue to save you cash on your electricity bill for as long as you have the solar panels.
These savings add up. If you save $100/month on your electricity bill over the next 30 years (the average lifespan of a solar system) and invest that amount, you could end up with $140,000 to put towards whatever you choose! Check out this article where Dan does the math.
You won’t receive that kind of payback from a waterfall island and all stainless appliances.
2. Solar Installation is Less Disruptive
In keeping with the kitchen remodel theme, a typical kitchen renovation project takes approximately 6-12 weeks to complete. During that time, you’re often living in some state of chaos—or at least cooking breakfast on the backyard grill for a while.
Solar panel installation is typically completed in just 1-2 days, with minimal disruption to your schedule and comfort. No dust, no chaos.
3. Property Tax Exemption for Solar
Home renovations increase the value of your home. Unfortunately, when a renovation includes new construction or large-scale home upgrades, this equals an increase in your property tax. But not with solar.
Although adding a solar system can increase your home value, property taxes in Illinois do not increase. The project is exempt from property tax increases.
As more and more people are switching to renewable energy, having a house that runs on solar will increase the value even more in the eyes of prospective buyers.
4. Our Solar Warranty is Unbeatable!
The average warranty for a home improvement project is around one year, up to 10 years for more significant upgrades such as plumbing or major structural elements.
Solar systems come with a manufacturer’s warranty of 25 years on panels and wiring. At Iconic Energy, we also guarantee our work with a 25-year warranty on labor and electrical connections.
You don’t have to worry about something going wrong with your system; you can enjoy clean energy and lower utility bills.
Why Go Solar First?
In review, going solar first has many advantages. Four of them are:
- Savings from solar energy give you more money to invest in other home improvement projects.
- Solar panel installation is less disruptive to your already busy life.
- Solar panels can add value to your home without increasing your property tax.
- Solar installation with Iconic Energy has an unbeatable warranty, so you can rest assured that your investment is protected for many years!
Is this the year you make the switch to solar power? Iconic Energy is ready to make your solar dreams a reality. Request a free quote today, and let Iconic Energy put the power back in your hands!