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Updated 18 days ago, 12/05/2024
Are Solar Panels Worth It?
Hey team, question on solar panels and their impact on resale value. Essentially, is it worth it? I had a consultation with a solar panel salesman today and he quoted me 29k for 18 panels, however the final price would be 13k after New York and Federal tax credits plus a holiday discount. At 13k, I would be paying about $100 each month for electricity. There would be no up-front cost either. They would fix my $100 for the next 18 months as a grace period so I have time to put the tax credit money "back in" the full cost of the panels. If after 18 months I don't do this, then the loan is re-amortized and the monthly payment would increase.
It seems like a good deal, and an easy selling point to a potential buyer - "hey, your energy bill will be $100 each month even in the winter, and then once you've paid off the panels you've got free energy!" but I'm just not sure about the tax credits. Like, I understand it comes off my taxable income, but it's also not like I'm getting a check for 14k that I can throw at the panels. I feel like it's more likely I would just have a lower taxable income, but still have to pay mostly the full 29k, which would make the monthly payment closer to $200.
For context on the property - it's my house hack I've owned about 1.5 years now and plan is to sell in May of next year once I hit my 2-in-5 rights. I'm strictly concerned with ROI and how it looks to potential buyers. If anyone can provide some insight it would be appreciated. Thank you!