What’s your views on getting Solar Panels?

[Jarrett Fogelman]

I was recently looking into getting solar panels on my home and after doing some more research I am now on the fence. I dont have a very high monthly electricity bill. It’s about $100avg. 2400sqft home. 
One of the main reasons I was interested in Solar was because of the added equity to my home. You get about 3-5% gained value from adding solar. However after running the cost it would be a 25yr loan of $33,000 at 5.99% and the monthly payment would be $150. 
So Solar is actually costing me more monthly than if I stayed with electric. 
Now with the rising cost in electricity over the coming years, I wonder if this is a good investment for myself and my home. 
I’m 50/50 right now and wondering what some other people’s thoughts are on the whole solar panel fad that’s hitting the country. 

[Carlos Valencia]

Hi Jarret based on your current situation I would advise not going solar as your bill is pretty low. It really depends what area you live in and how much you expect to use. For example in my area we have Edison and it can get pretty pricey and rates keep rising. Edison also adds more restrictions on your usage when you can run your AC in the summer. In southern California the majority of the homes would benefit from solar due to all the restrictions and high utility bills. Plus we get a lot of sun. Make sure you dont have any major shade that comes over your house otherwise it will affect how much power they generate. For someone that pay $500 per month on electricity especially in the summer its definitely will save them money going solar and you also get a 30% solar tax credit. Last thing I would suggest is if you decide to go solar I recommend paying cash to save money on all the loan fees. Sometimes its half the cost. Ask for a cash solar quote so you can see how much money you will save. If you want another quote I can refer you to someone to give you more details. 

@Albert Bui @Matthew Kwan