analysis: quick analysis: Converting Your Home to Solar Power On A Budget

Find Ways to Convert to Solar

Notes:

• Many homeowners wonder whether going solar is worth it. After all, the upfront costs are significant. It’s common knowledge that a solar system can pay for itself, but that can take time.
• However, that doesn’t mean that solar panels are out of your budget. Even homeowners on a tight budget can afford to go solar with careful planning.
• Let’s review some options and resources you can tap into to converting your home to solar power:

  • Explore Solar Incentives and Rebates:

    It depends on where you live, but homeowners often qualify for tax rebates and other incentives. For example, the federal government is still giving tax credits through 2024 for solar and other alternative energy systems.

  • However, they’re not the only ones encouraging homeowners to go solar. Some states and utility associations offer rebates and other incentives for going solar.
  • While individually, these incentive amounts are relatively small, together, they can add up.
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    copyright image by envato.com

  • Find out what type of incentives, tax credits, and rebates are available in your area that you can get before you commit to installing solar.

  • Find Your Incentives:

    States like Wisconsin and other jurisdictions also incentivize homeowners to go solar.

    Wisconsin has partnered with utility companies to give homeowners up to $500 to help offset the cost of a solar system. Businesses, farms, and non-profits also qualify.

    solar resource information
    	Find Solar Rebates and Incentives By Zip Code
    	Homeowner’s Guide to Solar Federal Tax Credit
    	How Much Will It Cost to Install Solar

    Start With a Budget:
    Develop a budget along with a financial projection model to measure the return on your solar investment. Use this free budgeting worksheet to plan specs and cost for remodeling projects:

    — get file (excel): [budgeting worksheet]

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  • Solar Systems Can Be Financed:

    With decent credit, you can qualify for a solar-specific home loan or other types of home improvement loan. Look into what type of financing you might qualify for.

  • The amount you save on your electric bill can be put towards quickly paying off the loan, allowing you to keep your bills relatively even.
  • Installing solar has a high ROI since it not only reduces or eliminates your monthly electric bill but also increases your home’s value.
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    copyright image by envato.com

  • If you decide to sell, having the house already set up for solar power can help entice buyers, especially those that are environmentally conscious or were already planning to convert the house to solar.
  • The fact that they don’t have to arrange for the installation can make them willing to pay significantly more for the house.

  • Cost/Saving Analysis:

    You can find solar installation financing that could fit your budget. As noted, the energy savings you incur with solar can be used to pay the financing – a net-net win.

    But that depends on the total cost minus rebates and the amount of solar saving you can expect. So do the numbers before committing.

    solar resource information
    	How Much Do Solar Panels Save
    	Are Solar Panels Worth The Cost?
    	Is Solar Worth It? My experience after two years

    About Financing:

    You can find several financing programs either their lending institutions and/or through solar installers. Made sure to read the fine print before committing to any financial obligations.

    solar resource information
    	Finding Solar Financing
    	Solar Loans: Everything You Need to Know
    	Get Financing Through Solar Installation Company

    Use Your Home Equity:

    The equity in your home can be used to finance solar installation. You can do a cash-out refinancing or better yet, apply and use a home equity line or loan to finance the cost:

    — more information: [financial options for renovation]

    — become a bank: [use your home equity to become a bank]

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  • Scale Your Solar Panels to Your Needs:

    The number of solar panels you’ll need depends on how much energy you use. While you want to have enough energy to power your home, a smaller system will cost less.

  • Before you can calculate the number of solar panels you need, you need to calculate your energy usage.
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    copyright image by envato.com

  • Averaging out a few months of energy bills can give you that number. Think about how much you can reduce that.
  • Some people choose to just supplement their usual electricity with solar power, meaning that they need fewer panels.

  • Add Where The Sun Shines:

    Once you figure out how many you need, you can decide where on your property to put them. While roofs are common, you can also install them in an array on the ground, if your property is large enough.

    

    copyright image by envato.com

    Solar Panel Views
    	on Front Roof	view
    	on Back Roof	view
    	on Awnings	view
    	on Driveway	view
    	in Yard	view

    (from google images)
    	Solar Shingles	view
    	Solar Water Heaters	view
    	Solar Pool Heaters	view
    	Solar Deck Posts	view
    	Solar Lighting	view

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  • Reduce Your Energy Needs:

    By reducing your energy consumption, you can install a smaller solar system. Get into the habit of turning off unused lights, and get energy-efficient appliances.

  • While replacing some large appliances might be too costly to do immediately, replacing small appliances can make a big difference.
  • For example, blow dryers and blenders take a surprising amount of power. Letting your hair air-dry and using an energy-efficient blender could make a difference.
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    copyright image by envato.com

  • Also, if you have outdoor lighting, a pool pump, or a fish pond pump, convert it to solar. These things can have their own small, independent solar system.
  • Every little thing can add up to a significant reduction in energy usage.

  • Add Eco-Living:

    New, eco-friendly homes look very interesting and intriguing. But what can you do in your current home to make it more eco-friendly?

    There are 10 tips of eco-friendly options that you can consider. Simply implement 2-3 (or more) options to help reduce energy costs and make your home more eco-friendly for the environment.

    

    copyright image by envato.com

    And don’t forget about making life-style changes. Things you can do inside and outside the home that are eco-friendly and more healthy to you.

    view our posts: (new win)
    	Eco Friendly Homes For Sustaining a Better Environment
    	Eco-Living – How, Why, and What

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• CONCLUSION

  With a little bit of work, you can reduce the cost of solar by reducing your usage, and taking advantage of incentives and financing.

• Quik scroll to home renovation ideas …

  

•    ideas to view and compare from the photo above      

  solar panelssolar water heaterssolar chargers

• What comments can you share about
  your home renovation ideas on a budget?