With all the joys that life can bring, reaching the time to retire is certainly one of them. Many seniors experience the freedom and adventure that comes with leaving the workforce. But, for a lot of them, finances remain top of mind. Most seniors understand the importance of being financially savvy with their savings. Some turn to retirement jobs, while others consider additional investments. Either way, reducing bills can significantly aid in continued saving. For many, turning to solar for reduced energy costs can be a great way to save money in the long term.
One of the primary benefits of switching from traditional electricity to solar power is reduced energy utility costs. Over time, solar power shows significantly more savings compared to homes without solar power.
Aside from financial gain, solar power is an excellent way to lean more into a sustainable lifestyle. With the extra time that comes from retirement, looking into ways to lower your overall emissions, like solar panels, gardening, and upcycling, can be great side projects. Solar panels can make a sizable dent in a person’s overall individual carbon footprint and can set the stage for a cleaner world for future generations.
It can be hard to feel independent as you move into older age. Home solar panel systems are an excellent way to foster more personal independence. Most solar systems are set up to store the energy gathered to be used later. Big storms and local outages that can cause a loss of power from the main grid are times when this stored energy can come in handy. Solar energy stored away in batteries can power a home and appliances while waiting for the grid to be up and running again.
Solar panel systems offer excellent resale value when added to a home. Zillow reports that solar panels can increase a home’s appraisal value by 4.1%. Most seniors look to pass their home along through the family to keep a place filled with memories alive. Increasing the overall value of a home can help future generations generate a bit more income when it finally comes time to sell. Or, if seniors are looking to downsize, an increased selling value can put a little extra money in the bank.
While solar energy offers numerous benefits for seniors, some may have understandable questions about the long-term value and financial aspects of going solar. Two common considerations are longevity and overall finances.
Most of the financial benefits of solar systems come with time, such as reduced monthly energy bills and tax credits. Because the savings that come with home solar energy systems are not immediate, the time in a home matters greatly. If seniors want to downsize to a smaller home or move into a living facility. It is important to consider the time needed to see the best return on your investment.
While over time, solar can save you thousands of dollars (or tens of thousands of dollars), the initial investment might feel large. It's important to know that you can get your money back in two ways: lower electric bills and a higher home value. That’s why it’s great to speak to an expert like Citadel Roofing & Solar to discuss potential rebates, incentives, tax credits, and financing plans that you might qualify for, possible home value increase, and if adding a backup battery would make sense for you to maximize your savings.
Having over 30 years of experience in the industry, we care about our customers and our reputation. Our experts will look at your specific situation and help you decide if solar is a good choice for you, considering both short-term savings and long-term benefits.
If you're worried about the upfront cost of solar or don't have enough taxable income to take advantage of the available federal tax credits, there are still options to go solar like Power Purchase Agreements (PPAs) and solar leasing. These alternatives often require little to no upfront cost, with the solar company owning the system. You typically pay a fixed monthly rate for the solar power generated, and the company takes care of all maintenance and repairs. These options can be great for seniors who want to save on energy bills and help the environment without owning and maintaining a system themselves.
The next steps to follow when considering installing a home solar system are to evaluate your options and speak with a solar expert. As mentioned earlier, depending on where you live and your overall living situation, there may be incentives for purchasing a home solar system. A financial advisor can offer insight on the monetary advantages and disadvantages of investing in solar. They can also answer questions about how solar will integrate into your specific financial situation and help set up a payment plan or explore financing options if you choose to move forward with solar.
Whether you choose to move forward with solar or simply want to ask more questions about the process, Citadel Roofing and Solar is here to help. As industry professionals in the solar business, the team at Citadel can offer valuable insight and advice when deciding if solar is right for you. If you’re ready to make the leap or have a few more inquiries, call Citadel Roofing and Solar today!