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If you’re like most people, solar energy is on your radar today as a way to save money and reduce your dependence on municipal or private electric utilities. Today, it’s easier and more affordable than ever to add solar or wind energy generating systems to your home or business. Before you start your research, you must know five key things to help you make the best decision. Homeowners’ Association Considerations For many years, people who lived within planned communities or HOAs were unable to adopt solar, due to arduous restrictions about roof structures and add-ons that were visible from the street or to other neighbors. Today, many HOAs have abandoned those restrictions. In fact, several states now specifically prohibit HOAs from banning solar panels. To be safe, check your covenants, conditions and restrictions first to determine what you are allowed to do and what the process is to obtain HOA approval. Know Your Home’s Energy Demands To determine the scope of your system, your solar contractor will need to know how much energy you use on a general basis. You can make this determination by reviewing your power bills over the past two years to find the monthly kilowatt-hour usage. You can also use an energy demand calculator (found online). This tool will consider your lifestyle, number of household members and the type of appliances you have. Lease or Purchase Your Solar System In the beginning, solar systems were so expensive that a majority of customers were forced to lease. Unfortunately, leasing was not cost-effective in most cases. Today, solar costs are much more affordable and you can finance your system rather than lease. Monthly payments are affordable and allow you to start making money back almost immediately. Talk to your solar company about available financing options. In most cases, you can finance system installation as well as the equipment itself. Protect Your Investment with Insurance You may be so excited to have your new energy generating system installed that you forget about one important step: insuring your investment. Contact your homeowners insurance agent and ask about the process for adding the new system to your policy. Most customers realize only a small increase to their insurance premium in exchange for the peace of mind that protecting your investment brings. In fact, some insurance companies have begun lowering premiums for those who install solar, under the perception that those customers care more about their homes and are therefore less likely to experience certain losses or file claims. Learn about Warranties Your new solar energy system will most likely come with two forms of warranties. First, your installation contractor will provide a warranty related to the system’s installation. This protects you from any damage that may occur to the panels or your roof as a result of installation. Next, the panels themselves (as well as any additional equipment you may have purchased) will be warrantied as well. Equipment warranties are typically substantial, up to 25 years or more. The National Association of Homebuilders estimates that 38 percent of American homes will adopt renewable energy systems by 2016. Consider learning more about solar and wind energy generating systems yourself this year, if you haven’t already adopted solar energy or other alternative power-generating solutions.
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